Tilinpäätös 2022

Board of Directors’ 
Report and Financial 
Statements 

Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
2 
Hallituksen toimintakertomus ja tilinpäätös 
Table 
of contents 
BOARD OF DIRECTORSʼ REPORT ................................................................ ................................................................ ................... 5
Kojamo plc in brief................................................................ ................................................................ ............................................... 5
Strategy ................................................................ ................................................................ ............................................................... 5
Summary of performance in 2022 ................................................................ ................................................................ ....................... 6
Effects of Russia’s war of aggression in Ukraine and the COVID-19 pandemic on Kojamo ............................................................... 6
Key figures ................................................................ ................................................................ .......................................................... 7
Outlook for 2023 ................................................................ ................................................................ ................................................. 8
Operating environment ................................................................ ................................................................ ........................................ 8
Total revenue ................................................................ ................................................................ ...................................................... 9
Result and profitability ................................................................ ................................................................ ....................................... 10
Balance sheet, cash flow and financing ................................................................................................................................ ............ 10
Real estate property and fair value ................................................................................................ ................................................... 11
Rental housing ................................................................ ................................................................ .................................................. 12
Investments, divestments and real estate development................................................................ .................................................... 13
Progress of strategy implementation and targets ................................................................ .............................................................. 15
Business operations ................................................................ ................................................................ .......................................... 15
Shares and shareholders ................................................................ ................................................................ .................................. 15
Governance ................................................................ ................................................................ ...................................................... 18
Personnel ................................................................ ................................................................ .......................................................... 18
Statement of non-financial information ................................................................ ................................................................ .............. 19
Near-term risks and uncertainties ................................................................................................ ..................................................... 30
Internal auditing ................................................................ ................................................................ ................................................ 30
Group structure and changes therein ................................................................ ................................................................ ................ 31
Events after period ................................................................ ................................................................ ............................................ 31
Proposal by the Board of Directors for the distribution of profits ....................................................................................................... 31
EPRA PERFORMANCE MEASURES ................................................................................................ .............................................. 32
FINANCIAL STATEMENTS ................................ ................................................................ .............................................................. 36
Consolidated comprehensive income statement ................................................................ ............................................................... 36
Consolidated balance sheet ................................................................ ................................................................ .............................. 37
Consolidated statement of cash flows ................................................................ ................................................................ ............... 38
Consolidated statement of changes in equity ................................................................ ................................................................ .... 39
Notes to the consolidated financial statements ................................................................ ................................................................ . 40
1. Basis for presentation of the financial statements................................................................ ..................................................... 41
1.1 Basic information about the Group ................................................................ ................................................................ ..... 41
2. Result ................................................................................................ ................................................................ ....................... 43
2.1 Specification of revenue from contracts with customers ................................................................ ..................................... 43
2.2 Profit/loss on sales of investment properties and Other operating income and expenses .................................................. 44
2.3 Employee benefits expenses ................................................................ ................................................................ .............. 45
2.4 Depreciation, amortisation and impairment ........................................................................................................................ 46
2.5 Research and development expenditure ................................................................ ............................................................ 46
2.6 Earnings per share ................................................................ ................................................................ ............................. 46
3. Real estate property ................................................................................................ ................................................................ . 47
3.1 Investment properties ................................................................ ................................................................ ......................... 47
3.2 Non-current assets held for sale ................................................................ ................................................................ ......... 52

Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 


Hallituksen toimintakertomus ja tilinpäätös 
3 Trading properties ................................................................................................ .............................................................. 52
4 Commitments and contingent liabilities related to investment properties ........................................................................... 53
Financing and equity ................................................................ ................................................................ ................................. 54
1 Equity ................................................................................................ ................................................................ ................. 54
2 Financial income and expenses ................................................................................................ ......................................... 56
3 Financial assets and liabilities by valuation category ................................................................ ......................................... 57
4 Interest-bearing liabilities ................................................................ ................................................................ .................... 60
5 Derivative instruments ................................................................ ................................................................ ........................ 61
6 Financial risk management ................................................................ ................................................................ ................. 62
7 Collateral and contingent liabilities ................................................................................................ ..................................... 66
Income taxes ................................................................................................ ................................................................ ............ 66
1 Current tax expense ................................................................ ................................................................ ........................... 66
2 Deferred tax assets and liabilities ................................................................ ................................................................ ....... 68
Other balance sheet items ................................................................ ................................................................ ........................ 69
1. Tenancy agreements ................................................................ ................................................................ ......................... 69
2 Intangible assets ................................................................................................ ................................................................ 71
3 Property, plant and equipment ................................................................ ................................................................ ........... 73
4 Non-current receivables ................................................................................................ ..................................................... 75
5 Current trade and other receivables ................................................................ ................................................................ ... 75
6 Provisions and other non-current liabilities ................................................................ ......................................................... 75
7 Current trade payables and other payables................................................................ ........................................................ 76
Other notes ................................................................ ................................................................ ............................................... 76
1 Adjustments to cash flow from operating activities ................................................................ ............................................. 76
2 Related party transactions ................................................................ ................................................................ .................. 76
3 The Group’s subsidiaries, joint arrangements and associated companies ................................................................ ......... 78
4 Effects of Russia’s war of aggression in Ukraine and the COVID-19 pandemic ................................................................ . 88
5 Events after the financial year ................................................................................................................................ ............ 88
Key figures, the formulas used in their calculation, and reconciliation calculations in accordance with ESMA guidelines ................ 89
PARENT COMPANY’S FINANCIAL STATEMENTS ................................................................ ......................................................... 94
Parent company’s income statement, FAS ................................................................ ................................................................ ....... 94
Parent company’s balance sheet, FAS ................................................................................................ ............................................. 95
Parent company’s cash flow statement, FAS ................................................................ ................................................................ .... 96
Parent company accounting policies ................................................................ ................................................................ ................. 97
Notes to the parent company financial statements................................................................ ............................................................ 98
Total revenue ................................................................ ................................................................ ............................................ 98
Other operating income ................................................................................................ ............................................................ 98
Personnel costs ................................................................................................................................ ........................................ 98
Depreciation according to plan ................................................................................................ ................................................. 99
Other operating expenses ................................................................ ................................................................ ...................... 100
Total amount of financial income and expenses ................................................................ ..................................................... 100
Appropriations................................................................ ................................................................ ......................................... 101
Income tax ................................................................ ................................................................ .............................................. 101
Intangible assets ................................................................ ................................................................ ..................................... 101
Tangible assets ................................................................ ................................................................ ..................................... 102
Investments ................................................................ ................................................................ .......................................... 102

Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 


Hallituksen toimintakertomus ja tilinpäätös 
Non-current receivables ................................................................ ................................................................ ........................ 103
Current receivables ................................................................ ................................................................ ............................... 103
Financial securities ................................................................................................................................ ............................... 103
Comprehensive income ................................................................ ................................................................ ........................ 104
Non-current liabilities ................................................................................................ ............................................................ 104
Current liabilities ................................................................................................................................ ................................... 105
Derivative instruments ................................................................................................ .......................................................... 105
Guarantees and commitments ................................................................ ................................................................ .............. 106
Other liabilities ................................................................................................................................ ...................................... 106
Related party transactions ................................................................ ................................................................ .................... 106
SIGNATURES TO THE BOARD OF DIRECTORS’ REPORT AND FINANCIAL STATEMENTS ................................................... 107

Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
5 
Hallituksen toimintakertomus ja tilinpäätös 
BOARD OF DIRECTORSʼ REPORT 
Kojamo plc in brief
Kojamo plc offers rental apartments and housing services in 
Finnish growth centres. The company’s vision is to be the 
property market frontrunner and the number one choice for its 
customers. In accordance with our mission, we create better 
urban housing, using a long-term approach, focusing on the 
best customer experience as well as competent, energetic per-
sonnel and sustainable development. The goal is to create 
more offering and new service solutions in rental housing in or-
der to make it easier to acquire rental apartments and to live in 
them. 
Kojamo’s vision is to be the property market frontrunner and 
the number one choice for customers who value better urban 
housing. With our Lumo brand, we are transforming Finnish 
rental housing and making it more attractive. We are promot-
ing the competitiveness and well-being of urbanising Finland 
by facilitating work-related mobility. 
We are investing heavily in digital services, the customer expe-
rience and our corporate culture. Our objective is to be a 
strongly performing housing investment company known for its 
excellent customer experience. 
Delivering the best customer experience is a key strategic pri-
ority for us. That is why we are constantly developing new 
housing solutions and services. Lumo is our housing brand, of-
fering great rental living and housing services in growth cen-
tres across Finland.
Strategy
Kojamo’s mission is to create better urban housing. The com-
pany’s vision is to be the property market frontrunner and the 
number one choice for its customers. The company’s strategic 
focus areas are: delivering the best customer experience; 
strong growth; operational excellence; responsibility and sus-
tainable development; the most competent personnel and a 
dynamic place to work; and renewal through digital solutions. 
Kojamo aims to invest heavily in increasing its housing supply 
by developing new properties, buying existing properties and 
converting existing properties, such as office buildings, to resi-
dential use. Urbanisation and migration to growth centres pro-
vides the Group with good growth opportunities in the Finnish 
rental housing market. 
Kojamo makes it easier for people to migrate in pursuit of em-
ployment in urbanising Finland. Kojamo operates in the seven 
main urban regions of Finland, focusing on demand for rental 
apartments especially in the Helsinki region. Kojamo’s share of 
the entire rental housing market in Finland is about four per 
cent. 
Kojamo also focuses on providing an excellent customer expe-
rience. It is generated by a versatile range of housing solu-
tions, easy and effortless service, and user-friendly online ser-
vices. The Lumo brand and its new housing services lead the 
way in rental living. 
Operating in an efficient and responsible manner and attend-
ing to corporate social responsibility are integral to the way 
Kojamo does business. Kojamo engages in meaningful work to 
provide high-quality housing. The company continuously de-
velops its operations to ensure its competitiveness. Kojamo 
has the skills and enthusiasm to discover even better construc-
tion solutions, housing services, ecological innovations and 
ways to provide good customer experiences. The company’s 
energetic company culture creates a solid foundation for its 
work. 
The value of the customer experience is emphasised in 
Kojamo’s corporate culture. The customer experience consists 
of Kojamo’s code of conduct, professional skill, customer ser-
vice attitude and the desire to solve the customer’s problems 
in one go. The foundation of the corporate culture is created by 
Kojamo’s energetic, forward-looking values: Happy to serve, 
Strive for success and Courage to change. 
Kojamo’s strategy period is in effect from 2020 to 2023. More 
information on Kojamo’s strategic targets and their achieve-
ment is provided under Progress of strategy implementation 
and targets.

Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
6 
Hallituksen toimintakertomus ja tilinpäätös 
Summary of performance in 2022
● 
Total 
revenue increased by 5.5 per cent to EUR 413.3 
(391.7) 
million. 
● 
Net rental income increased by
6.8 per cent, totalling EUR 
280.1 (262.3) 
million. Net rental income represented 67.8 
(67.0) per cent of revenue. 
● 
Result before taxes and excluding the net valuation gain 
on the fair value assessment of investment properties in-
creased by EUR 9.0 million, and it was EUR 182.2 (173.2) 
million. 
● 
Result before taxes was EUR -499.8 (1,278.9) million. The 
result includes EUR -682.0 (1,105.7) million in net 
gain/loss on the valuation of investment properties at fair 
value and EUR 0.2 (0.3) million in profits from the sale of 
investment properties. Earnings per share was EUR -1.62 
(4.14). 
● 
Funds From Operations (FFO) increased by 5.0 per cent 
and amounted to EUR 160.7 (153.1) million. 
● 
The fair value of investment properties was 8.2 (8.3) billion 
at the end of the financial year, including EUR 0.0 (1.1) 
million in Investment properties held for sale. 
● 
The financial occupancy rate stood at 92.0 (93.9) per cent 
during the financial year. 
● 
Gross investments totalled EUR 501.6 (356.9) million, rep-
resenting 121.4 (91.1) per cent of total revenue. 
● 
Equity per share was EUR 15.55 (17.25) and return on eq-
uity was -9.9 (27.0) per cent. Return on investment was 
-5.7 (19.2) per cent. 
● 
EPRA NRV per share (net reinstatement value) decreased 
by -11.4 per cent and amounted to EUR 19.53 (22.04). 
● 
At the end of the financial year, there were 1,804 (2,675) 
Lumo apartments under construction. 
● 
The Board of Directors’ dividend proposal is EUR 0.39 
(0.38) per share. 
Kojamo owned 39,231 (36,897) rental apartments at the end of 
the financial year. In 2022, Kojamo acquired 985 (0) apart-
ments, completed 1,348 (1,282) 
apartments and demolished 
or otherwise altered 1 (-187) apartments.
Effects of Russia’s war of aggression in Ukraine and the COVID-19 pandemic 
on Kojamo
Russia’s continued war of aggression in Ukraine has weak-
ened the economic outlook in Finland, and economic uncer-
tainty continues. The war has increased energy prices in par-
ticular, which has also accelerated price increases in other 
consumer goods and services. The impact of higher energy 
prices on Kojamo’s maintenance costs has been moderate, 
although electricity and heating costs have increased. 
The COVID-19 pandemic has had an impact on the housing 
market and the operating environment. Removal of COVID-re-
strictions has increased demand of rental apartments. The 
supply of rental apartments has declined. The pandemic has 
had a substantial effect on the Group’s financial occupancy 
rate. The pandemic did not have a significant impact on the 
Group’s profit, balance sheet or cash flow. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
7 
Hallituksen toimintakertomus ja tilinpäätös 
Key figures 
2022 
2021 
Change% 
Total revenue, M€ 
413.3 
391.7 
5.5 
Net rental income, M€ * 
280.1 
262.3 
6.8 
Net rental income margin, % * 
67.8 
67.0 
Profit/loss before taxes, M€ * 
-499.8 
1,278.9 
-139.1 
EBITDA, M€ * 
-441.3 
1,334.8 
-133.1 
EBITDA margin, % * 
-106.8 
340.8 
Adjusted EBITDA, M€ * 
240.4 
228.5 
5.2 
Adjusted EBITDA margin, % * 
58.2 
58.3 
Funds From Operations (FFO), M€ * 
160.7 
153.1 
5.0 
FFO margin, % * 
38.9 
39.1 
FFO excluding non-recurring costs, M€ * 
160.7 
153.1 
5.0 
Investment properties, M€ ¹
⁾
8,150.2 
8,327.5 
-2.1 
Financial occupancy rate, % 
92.0 
93.9 
Interest-bearing liabilities, M€ * 
3,678.2 
3,334.5 
10.3 
Return on equity (ROE), % * 
-9.9 
27.0 
Return on investment (ROI), % * 
-5.7 
19.2 
Equity ratio, % * 
45.3 
49.0 
Loan to Value (LTV), % * ²
⁾
43.7 
37.7 
EPRA Net Reinstatement Value (NRV), M€ 
4,825.9 
5,447.9 
-11.4 
Gross investments, M€ * 
501.6 
356.9 
40.6 
Number of personnel, end of the period 
304 
325 
Key figures per share, € 
2022 
2021 
Change% 
FFO per share * 
0.65 
0.62 
4.8 
Earnings per share 
-1.62 
4.14 
-139.1 
EPRA NRV per share 
19.53 
22.04 
-11.4 
Equity per share 
15.55 
17.25 
-9.9 
Dividend per share ³
⁾
0.39 
0.38 
2.6 
* In accordance with the guidelines issued by 
the European Securities and Markets Authority 
(ESMA), Kojamo provides an account of the 
Alterna-
tive Performance Measures used by the Group in 
the Key figures, the formulas used in their 
calculation, and reconciliation calculations in accor-
dance with ESMA guidelines section of its financial 
statements 
¹
⁾
 
Contains Non-current assets held for sale 
²
⁾
 
Excluding Non-current assets held for sale 
³
⁾
 
2022: The Board of Directors proposes to the Annual 
General Meeting that a dividend of EUR 0.39 
per share be paid 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
8 
Hallituksen toimintakertomus ja tilinpäätös 
Outlook for 2023 
Kojamo estimates that in 2023, the Group’s total revenue will 
increase by 7–10 per cent year-on-year. In addition, Kojamo 
estimates that the Group’s FFO for 2023 will amount to be-
tween EUR 153–165 million, excluding non-recurring items. 
The outlook is based on the management’s assessment of to-
tal revenue, property maintenance costs and repairs, adminis-
trative 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, nor the impact on FFO of potential premature funding of 
the Eurobond due in 2024. 
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 regula-
tory environment or the competitive landscape.
Operating environment
General operating environment 
As Kojamo operates in the residential real estate sector, the 
company is affected particularly by the situation in the residen-
tial property market and development in Finnish growth cen-
tres. The company is also affected by macroeconomic factors, 
such as economic growth, employment, disposable income, in-
flation, regional population growth and household sizes.
Operating environment key figures 
% 
2023E 
2022E 
GDP growth 
-0.2 
1.9 
Unemployment 
7.0 
6.8 
Inflation 
4.0 
7.0 
Sources: Ministry of Finance, Economic survey 
12/2022 
According to the economic survey published by the Ministry of 
Finance in December, the outlook for the global economy is 
bleak as the Russian invasion of Ukraine and Europe’s energy 
crisis continue. Inflation in the United States has slowed since 
its peak in the summer, thanks to a rapidly tightened monetary 
policy. The outlook for the euro area is dark due to consumer 
confidence hitting a record low and declining economic growth. 
The tightening of monetary policies is likely to continue in the 
short term. 
Finland’s economic growth slowed down last year and it is pre-
dicted that Finland will slip into a mild recession in 2023. Last 
year, consumer prices rose faster than they have in decades. 
This year, price increases will slow down, but inflation is ex-
pected to remain high. Rising prices and interest rates will re-
duce the purchasing power of households and consumption 
will decrease in 2023. Nevertheless, the employment situation 
remains good, and consumption is expected to recover to-
wards the end of the year as real income turns upwards. 
Industry operating environment 
Industry key figures 
2023E 
2022E 
Residential start-ups, units 
36,000 
40,800 
 
of which non-subsidised block-of-flats 
16,600 
22,200 
Building permits granted, annual, units * 
n/a 
38,796 
Construction costs, change % 
n/a 
5.3 
* Rolling 12 months, November 2022 
Sources: Confederation of Finnish Construction Industries, 
business survey October 2022 
Statistics Finland, Building and dwelling production 2022, 
October; OP Housing market review 2022/Q4 

 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
9 
Hallituksen toimintakertomus ja tilinpäätös 
In October, Etla published an industry review, according to 
which residential construction grew strongly in the first half of 
2022 due to the large number of housing projects started in the 
previous year. However, the number of 
permits granted for 
both residential and non-residential construction has fallen 
sharply. This is reflected in the new construction projects that 
were started, and the number of these projects decreased last 
year. The stricter monetary policy and the weakening of the 
economic cycle were reflected in the demand for housing, and 
the volumes of new housing loans raised by households de-
creased strongly last year. 
According to CFCI’s October housing production survey, pro-
duction was clearly reduced towards the end of the year. The 
increase in costs and the decrease in demand had a negative 
impact on the launch of new projects. The fall in profitability, 
the rise in interest rates and the cost of plots also hamper pro-
duction. According to the survey, housing production will de-
crease in the current year.
Effects of urbanisation 
Population 
Share of rental 
growth 
household- 
forecast, % 
dwelling units, % 
Area 
2021–2040 
2010 
2021 
Helsinki 
19.9 
47.1 
49.9 
Capital region ¹
⁾
21.7 
41.9 
46.1 
Helsinki region ²
⁾
n/a 
37.7 
42.1 
Jyväskylä 
4.6 
40.2 
45.7 
Kuopio 
0.0 
36.5 
41.7 
Lahti 
n/a 
37.3 
41.0 
Oulu 
5.5 
36.7 
43.1 
Tampere 
11.1 
42.2 
50.6 
Turku 
12.4 
43.0 
51.0 
Other areas 
n/a 
23.8 
27.0 
¹
⁾
 
Helsinki, Espoo, Kauniainen, Vantaa 
²
⁾
 
Capital region, Hyvinkää, Järvenpää, Kerava, 
Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, 
Porvoo, Riihimäki, Sipoo, Tuusula, Vihti 
Sources: Statistics Finland, Dwellings and Housing 
Conditions 2021; MDI population forecast 
2040 
According to the population forecast published by MDI in Sep-
tember 2022, urbanisation continues, the significance of the 
traditional growth triangle further strengthens and regional dif-
ferences increase. Nevertheless, regional divergence and dif-
ferentiation are accelerating rather than levelling off, and the 
importance of micro-location and hubs is emphasised in every-
thing. 
The new forecast presents four growth scenarios. The popula-
tion of the capital region is predicted to grow by 11–22 per cent 
during the period 2021–2040 in the four scenarios. Turku and 
Tampere 
will also grow by more than 10 per cent in all four 
scenarios. 
According to Nordea’s housing market review, published in 
December, some signs of recovery can be seen in the rental 
demand and the number of rental ads has decreased. The in-
crease in interest rates is also reflected in the expenses of 
owner-occupiers and the relative increase in the cost of owner-
occupied housing supports rental demand.
Total 
revenue
Kojamo’s total revenue increased to EUR 413.3 (391.7) mil-
lion. Total 
revenue is generated entirely by income from rental 
operations. 
The completion of rental apartments in 2021 and 2022, proper-
ties acquired in summer 2022 and rental growth had a positive 
impact to revenue during the second half of the year, and the 
decrease of financial occupancy rate in the beginning of the 
year had a negative impact on the total revenue.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
10 
Hallituksen toimintakertomus ja tilinpäätös 
Result and profitability
Net rental income increased to EUR 280.1 (262.3) million, 
which corresponds to 67.8 (67.0) per cent of revenue. The 
growth of total revenue and the decrease of repair costs had a 
positive impact and higher property maintenance costs had a 
negative impact on the net rental income. Electricity and heat-
ing costs, in particular, increased year-on-year. 
The result before taxes was EUR -499.8 (1,278.9) million. The 
result includes EUR -682.0 (1,105.7) million in net gain on the 
valuation of investment properties at fair value and EUR 0.2 
(0.3) million in profit from the sale of investment properties. 
The net gain on the valuation of investment properties at fair 
value was mainly attributable to yield increase. No significant 
transactions were made in the market during the fourth quar-
ter. The yield requirements are based on the opinion of an ex-
ternal expert. Profit before taxes and excluding the net valua-
tion gain on the fair value assessment of investment properties 
increased by EUR 9.0 million. 
Financial income and expenses totalled EUR -57.4 (-54.9) mil-
lion. Financial income and expenses increased EUR 2.5 mil-
lion year-on-year. Gain/loss on the valuation of investments 
amounted to EUR -1.4 (0.1) million and the unrealised change 
in the fair value of derivatives EUR 6.8 (3.0) million. Interest 
expenses increased by EUR 5.7 million year-on-year due to 
the higher amount of interest-bearing liabilities. 
Funds From Operations (FFO) amounted to EUR 160.7 
(153.1) million. The increase in FFO was attributable to the im-
provement in net rental income during the financial year. 
Kojamo has assessed the impact of Russia’s war of aggres-
sion in Ukraine and COVID-19 pandemic on the Group’s re-
sult, cash flow and profitability and determined that the Rus-
sia’s war of aggression in Ukraine and the pandemic did not 
have a significant impact on these items during the review pe-
riod.
Balance sheet, cash flow and financing 
31 Dec 2022 
31 Dec 2021 
Balance sheet total, M€ 
8,482.3 
8,716.8 
Equity, M€ 
3,842.7 
4,263.3 
Equity per share, € 
15.55 
17.25 
Equity ratio, % 
45.3 
49.0 
Return on equity (ROE), % 
-9.9 
27.0 
Return on investment (ROI), % 
-5.7 
19.2 
Interest-bearing liabilities, M€ 
3,678.2 
3,334.5 
Loan to Value (LTV), % 
43.7 
37.7 
Average interest rate of loan portfolio, % * 
1.9 
1.8 
Average loan maturity, years 
3.5 
4.3 
Cash and cash equivalents, M€ 
119.4 
197.0 
* Includes interest rate derivatives 
Kojamo’s liquidity was good in the financial year. At the end of 
the financial year, Kojamo’s cash and cash equivalents stood 
at EUR 119.4 (197.0) million and liquid financial assets at EUR 
104.0 (128.8) 
million. 
EUR 30.9 (50.0) million of the EUR 250 million commercial pa-
per programme was in use at the end of the financial year. In 
addition, Kojamo has committed credit facilities of EUR 300 
million and an uncommitted credit facility of EUR 5 million that 
were unused at the end of the financial year. 
The following financing arrangements were made during the fi-
nancial year: 
In March, Kojamo plc signed a committed EUR 100 million Re-
volving Credit Facility with Swedbank AB (publ). The Revolving 
Credit Facility is unsecured and has a maturity of three years 
with two one-year extension options, and its margin is linked to 
Kojamo’s sustainability targets related to the energy efficiency 
of new buildings and to the reduction of carbon footprint of the 
property portfolio. The credit facility will be used for general 
corporate purposes and it replaced EUR 100 million unsecured 
Revolving Credit Facility from Swedbank, maturing in 2022. 
In March, Kojamo plc completed the issuance of EUR 300 mil-
lion senior unsecured green bond. The maturity of the euro-de-
nominated Notes is 4 years, and the maturity date is 31 March 
2026. The Notes carry a fixed annual coupon of 2.0 per cent. 
This is the second green bond issued by the company. The 
Notes were issued under Kojamo plc’s EUR 2,500,000,000 
EMTN programme Base Prospectus dated 16 March 2022. 
In October, Kojamo plc signed a new EUR 100 million credit 
agreement with OP Corporate Bank. The credit agreement is 
unsecured and has a maturity of six years. The credit facility 
will be used for general corporate purposes. 
In December, Kojamo plc signed a new EUR 50 million credit 
agreement with Danske Bank A/S, Finland Branch. The margin 
of the credit facility is linked to Kojamo’s key sustainability tar-
gets related to the energy efficiency of new buildings as well 
as to the reduction of carbon footprint of the property portfolio. 
The credit agreement is unsecured and has a maturity of three 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
11 
Hallituksen toimintakertomus ja tilinpäätös 
years with two one-year extension options. The loan was used 
to refinance a EUR 50 million credit agreement with Danske 
maturing in spring 2023. 
Kojamo’s unsecured financing agreements include financial 
covenants. They are described in more detail in note 4.6.
Real estate property and fair value 
M€ 
31 Dec 2022 
31 Dec 2021 
Fair value of investment properties on 1 Jan ¹
⁾
8,327.5 
6,863.1 
Acquisition of investment properties ¹
⁾
 
²
⁾
478.9 
343.7 
Modernisation investments 
22.5 
11.9 
Disposals of investment properties 
-1.3 
-2.5 
Capitalised borrowing costs 
4.6 
5.4 
Profit/loss on fair value of investment properties ¹
⁾
-682.0 
1,105.7 
Fair value of investment properties at the end 
of the period 
8,150.2 
8,327.5 
The value of investment properties includes EUR 0.0 
(1.1) million in Investment properties held for 
sale 
¹
⁾
 
Includes leases for plots of land. The net result 
on the valuation of investment properties at fair 
value 
was mainly attributable to changes in yields. 
²
⁾
 
Includes the existing apartment stock and the acquisition 
costs of new projects under construction 
Right-of-use assets included in the fair values of investment properties 
M€ 
31 Dec 2022 
31 Dec 2021 
Fair value on 1 Jan 
70.6 
67.4 
Increases/decreases 
4.3 
4.2 
Profit/loss on fair value of investment properties 
-1.1 
-1.0 
Fair value of investment properties at the end 
of the period 
73.8 
70.6 
Kojamo owned a total of 39,231 (36,897) rental apartments at 
the end of the financial year. 
The fair value of Kojamo’s investment properties is determined 
quarterly on the basis of the company’s own evaluation. An ex-
ternal expert gives a statement on the valuation of Kojamo’s 
investment properties. The latest valuation statement was is-
sued on the situation as at 31 Dec 2022. The criteria for deter-
mining fair value are presented in the Notes to the Financial 
Statements. 
At the end of the financial year, the plot and real estate devel-
opment reserve held by the Group totalled about 184,000 
(162,000) floor sq.m. The fair value of the plot and real estate 
development reserve (including the Metropolia properties) was 
EUR 152.7 (131.1) 
million at the end of the financial year.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
12 
Hallituksen toimintakertomus ja tilinpäätös 
Rental housing 
Apartments 
31 Dec 2022 
31 Dec 2021 
Number of apartments 
39,231 
36,897 
Average rent, €/m²/month 
17.55 
16.95 
Average rent, €/m²/month, yearly average 
17.30 
16.74 
Kojamo responds to the trends of urbanisation, digitalisation 
and communality in accordance with its strategy, providing its 
customers with apartments with good locations and services 
that make daily life easier, increase the attractiveness of hous-
ing and improve the sense of community. Kojamo’s properties 
form a networked service platform that enables agile innova-
tion implementation in cooperation with other operators. 
All Lumo rental apartments that become vacant are available 
for rent on the Lumo webstore, where customers can rent the 
apartment of their choice by using their online banking creden-
tials and paying the first month’s rent.
Rental housing key figures 
% 
1-12/2022 
1-12/2021 
Financial occupancy rate 
92.0 
93.9 
Tenant turnover rate, excluding internal turnover 
31.1 
33.3 
Like-for-Like rental income growth * 
0.3 
-0.3 
Rent receivables in proportion to revenue 
1.5 
1.2 
* Change of rental income for properties owned 
for two consecutive years in the past 12 
months compared to the previous 12-month period. 
The financial occupancy rate (cumulative) was 92.0 (93.9) per 
cent at the end of the financial year. The financial occupancy 
started to rise in the latter half of the year, and the financial oc-
cupancy in the last quarter of the year was 93.0 per cent. The 
COVID-19 pandemic had a substantial effect on the Group’s fi-
nancial occupancy rate. At year-end, 274 (223) apartments 
were vacant due to renovations.
Kojamo’s property portfolio by region as at 31 December 2022 
Helsinki 
Tampere 
Turku 
Kuopio 
Lahti 
% 
region 
region 
region 
Oulu 
Jyväskylä 
region 
region 
Others 
Distribution by 
number of apartments 
61.3 
9.9 
5.2 
5.7 
5.3 
4.3 
3.7 
4.7 
Distribution by 
fair value 
76.1 
8.0 
3.9 
2.7 
2.8 
2.2 
2.0 
2.3 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
13 
Hallituksen toimintakertomus ja tilinpäätös 
Information on the property portfolio as at 31 December 2022 
Number of 
commercial 
Number of 
premises and 
Financial 
apartments, 
other leased 
Fair value, 
Fair value, 
Fair value, 
occupancy 
Area 
units 
premises, units 
M€ 
€ 1,000/unit 
€/m² 
rate, % ³
⁾
Helsinki region 
24,043 
457 
5,813.6 
237 
4,387 
90.5 
Tampere region 
3,899 
113 
611.7 
152 
2,974 
96.7 
Turku region 
2,047 
27 
301.5 
145 
2,703 
95.7 
Other 
9,242 
149 
908.9 
97 
1,836 
94.4 
Total 
39,231 
746 
7,635.6 
1) 
191 
3,572 
92.0 
Other 
514.5 
2) 
Total portfolio 
39,231 
746 
8,150.2 
¹
⁾
 
The figures reflect income-generating portfolio assets, 
which excludes new projects under 
constructions, plots owned by the company and 
ownership of certain assets through shares 
²
⁾
 
Fair value of ongoing projects under constructions, 
plots owned by the company and ownership 
of certain assets through shares and IFRS 16 right-of-use 
assets 
³
⁾
 
The financial occupancy rate does not include 
commercial premises and other leased premises 
Investments, divestments and real estate development 
Investments 
M€ 
31 Dec 2022 
31 Dec 2021 
Acquisition of investment properties * 
474.5 
339.5 
Modernisation investments 
22.5 
11.9 
Capitalised borrowing costs 
4.6 
5.4 
Total 
501.6 
356.9 
Repair expenses, M€ 
30.2 
32.4 
* Not including leases for plots of land. 
Number of apartments 
Units 
31 Dec 2022 
31 Dec 2021 
Apartments at the start of the financial year 
36,897 
35,802 
Acquisitions 
985 
- 
Completed 
1,348 
1,282 
Demolished or altered 
1 
-187 
Apartments at the end of the financial year 
39,231 
36,897 
Started during the financial year 
477 
1,333 
Under construction at the end of the financial 
year 
1,804 
2,675 
Preliminary agreements for new construction 
230 
636 
A total of 985 (0) apartments were acquired during the finan-
cial year. 
During the financial year, Kojamo announced agreements on 
the acquisition of the following properties: 
● 
23 June 2022: an agreement with a fund managed by 
NREP on the purchase of 942 rental apartments in Finnish 
growth centres. 
● 
27 June 2022: an agreement on the purchase of 43 rental 
apartments in Töölö, Helsinki. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
14 
Hallituksen toimintakertomus ja tilinpäätös 
During the financial year, Kojamo signed agreements on the 
construction of the following projects: 
● 
8 February 2022: an agreement with Marvea Oy on the 
construction of 49 new rental apartments in the centre of 
Tampere. 
● 
22 February 2022: an agreement with Jatke Länsi-Suomi 
Oy on the construction of 84 new rental apartments in 
Vasaramäki, Turku. 
● 
15 March 2022: an agreement with Jatke Toimitilat Oy on 
the construction of 77 new rental apartments on Bulevardi 
31, Helsinki. 
● 
25 April 2022: an agreement with Hausia on the construc-
tion of 178 new rental apartments in Finnoo, Espoo. 
● 
• 27 June 2022: an agreement with Varte Oy on the con-
struction of 98 apartments in Pähkinärinne, Vantaa. 
Of the apartments under construction, 1,671 (2,626) are lo-
cated in the Helsinki region and 133 (49) in other Finnish 
growth centres. A total of 1,348 (1,282) apartments were com-
pleted during the financial year. 
Modernisation investments during the financial year amounted 
EUR 22.5 (11.9) million and repair costs totalled EUR 30.2 
(32.4) million. 
Kojamo estimates that investments in development projects 
will amount to EUR 160–190 million in 2023. 
Binding acquisition agreements for new development 
M€ 
31 Dec 2022 
31 Dec 2021 
Actual costs incurred from new construction in progress 
293.6 
392.1 
Cost of completing new construction in progress 
145.1 
267.6 
Total 
438.7 
659.6 
Plots and real estate development sites owned by the company 
31 Dec 2022 
31 Dec 2021 
M€ 
1,000 fl.sq.m 
M€ 
1,000 fl.sq.m 
Plots 
35.6 
59 
29.5 
52 
Plots and existing residential building 
44.4 
57 
21.6 
32 
Conversions 
72.8 
68 
80.0 
78 
Total * 
152.7 
184 
131.1 
162 
* The management’s estimate of the fair value and 
building rights of the plots 
Binding preliminary agreements and provisions for plots and real estate development 
31 Dec 2022 
31 Dec 2021 
M€ 
1,000 fl.sq.m 
M€ 
1,000 fl.sq.m 
Preliminary agreements for new construction ¹
⁾
48.7 
122.9 
Estimate of the share of plots of preliminary 
agreements for new development ²
⁾
8.5 
12 
20.9 
30 
Preliminary agreements and reservations for plots 
²
⁾
31.0 
44 
23.8 
39 
¹
⁾
 
Including plots 
²
⁾
 
The management’s estimate of the fair value and building 
rights of the plots 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
15 
Hallituksen toimintakertomus ja tilinpäätös 
Progress of strategy implementation and targets 
Strategic targets 2020–2023 
2022 
2021 
2020 
Target 
Annual growth of total revenue, % 
5.5 
2.0 
2.3 
4–5 
Annual investments, M€ 
501.6 
356.9 
371.2 
200–400 
FFO/total revenue, % 
38.9 
39.1 
39.5 
> 36 
Loan to Value (LTV), % 
43.7 
37.7 
41.4 
< 50 
Equity ratio, % 
45.3 
49.0 
45.6 
> 40 
Net Promoter Score (NPS) * 
45 
20 
36 
40 
* The calculation method has changed during the review 
period for example including digital services in calculation. 
Target and actual for 
years 2021 and 2020 have not been adjusted 
to reflect the current calculation method. 
Kojamo’s objective is to be a stable dividend payer whose an-
nual dividend payment will be at least 60 per cent of FFO, pro-
vided that the Group’s equity ratio is 40 per cent or more and 
taking account of the company’s financial position.
Business operations
Kojamo is the largest private residential real estate company in 
Finland measured by the fair value of investment properties. 
Kojamo offers rental apartments and housing services for resi-
dents primarily in Finnish growth centres. At the end of the fi-
nancial year, 
Kojamo’s property portfolio comprised 39,231 
(36,897) rental apartments. The fair value of Kojamo’s invest-
ment properties amounted to EUR 8.2 (8.3) billion at the end of 
the financial year. Investment properties include completed 
apartments as well as development projects and land areas. 
Measured at fair value on 31 December 2022, 97.7 per cent of 
Kojamo’s rental apartments were located in the seven largest 
Finnish growth centres, 88.1 per cent in the Helsinki, Tampere 
and Turku regions and 76.1 per cent in the Helsinki region. 
Kojamo’s share of the country’s entire rental housing market is 
about four per cent. 
Kojamo aims to create the best customer service experience 
for its customers, which is why the company has made signifi-
cant investments in services. The Lumo webstore allows cus-
tomers to rent a suitable apartment by paying the first month’s 
rent, after which they can move into their new home as soon 
as the next day. Kojamo’s resident cooperation model gives 
the residents an opportunity to influence the development of 
housing and Lumo services. Lumo apartments offer a range of 
different services, such as broadband internet connection in-
cluded in the rent and a car sharing service.
Shares and shareholders
Issued shares and share capital 
Kojamo’s share capital on 31 December 2022 was EUR 
58,025,136 and the number of shares at the end of the finan-
cial year was 247,144,399. 
Kojamo has a single series of shares, and each share entitles 
its holder to one vote in the general meeting of shareholders of 
the company. There are no voting restrictions related to the 
shares. The shares have no nominal value. The company 
shares belong to the book-entry system. 
The trading code of the shares is KOJAMO and ISIN code 
FI4000312251.
Information on the share and share capital 
2022 
2021 
2020 
Share capital at the end of the financial year, € 
58,025,136 
58,025,136 
58,025,136 
Number of outstanding shares at the end of the 
financial year 
247,144,399 
247,144,399 
247,144,399 
Weighted average number of outstanding shares 
247,144,399 
247,144,399 
247,144,399 
Weighted average number of outstanding shares, diluted 
247,144,399 
247,144,399 
247,144,399 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
16 
Hallituksen toimintakertomus ja tilinpäätös 
Trading in the companyʼs share 
Kojamo’s shares are listed on the official list of Nasdaq Hel-
sinki.
Share price and trading 
2022 
2021 
2020 
Lowest price, € 
11.62 
15.64 
13.64 
Highest price, € 
22.10 
21.42 
21.45 
Average price, € 
16.98 
18.97 
17.95 
Closing price, € 
13.80 
21.24 
18.10 
Market value of share capital, 31 Dec, M€ 
3,410.6 
5,249.3 
4,473.3 
Share trading, million units 
86.5 
125.0 
159.2 
Share trading of total share stock, % 
35.0 
50.6 
64.4 
Share trading, M€ 
1,471.8 
2,370.9 
2,858.1 
In addition to the Nasdaq Helsinki stock exchange, Kojamo 
shares were traded on other marketplaces. From 1 January to 
31 December 2022, more than 185 million (more than 135 mil-
lion) Kojamo shares were traded on alternative marketplaces, 
corresponding to almost 70 per cent (over 50 per cent) of the 
total trading volume (Source: Monitor Finance). 
Own shares 
Kojamo did not hold any of its own shares during or at the end 
of the financial year. 
Dividend 
In accordance with the Board of Directors’ proposal, the An-
nual General Meeting on 16 March 2022 decided that a divi-
dend of EUR 0.38 per share, or EUR 93,914,871.62 in total, be 
paid for the financial year and that EUR 214,511,245.73 be re-
tained in unrestricted equity. The dividend payment date was 5 
April 2022. 
Shareholders 
At the end of the review period, the number of registered sha-
reholders was 12,047, including nominee-registered sharehol-
ders. The proportion of nominee-registered and direct foreign 
shareholders was 53.8 per cent of the company’s shares at the 
end of the financial year. The 10 largest shareholders owned 
in aggregate 38.6 per cent of Kojamo’s shares at the end of 
the financial year. 
The list of Kojamo’s shareholders is based on information pro-
vided by Euroclear Finland Ltd. 
The Board of Directorsʼ 
authorisations 
Kojamo’s Annual General Meeting on 16 March 2022 author-
ised the Board of Directors to decide on the repurchase and/or 
acceptance as pledge of an aggregate maximum of 
24,714,439 of the company’s own shares according to the pro-
posal of the Board of Directors. The proposed amount of 
shares corresponds to approximately 10 per cent of all the 
shares of the company. The authorisation will remain in force 
until the closing of the next Annual General Meeting, however 
no longer than until 30 June 2023. 
The Board of Directors was also authorised to decide on the 
issuance of shares and the issuance of special rights entitling 
to shares as referred to in Chapter 10, Section 1 of the Com-
panies Act according to the proposal of the Board of Directors. 
The number of shares to be issued on the basis of the authori-
sation shall not exceed an aggregate maximum of 24,714,439 
shares, which corresponds to approximately 10 per cent of all 
the shares of the company. The authorisation applies to both 
the issuance of new shares and the conveyance of own shares 
held by the company. The authorisation will remain in force un-
til the closing of the next Annual General Meeting, however no 
longer than until 30 June 2023. 
Furthermore, the Annual General Meeting authorized the 
Board of Directors to resolve in its discretion on the payment of 
dividend as follows: 
The amount dividend to be paid based on the authorization 
shall not exceed EUR 1.00 per share. The authorization was 
valid until 31 December 2022. 
The Board has not used authorisations. 
Flagging notifications 
Kojamo received one flagging notification pursuant to Chapter 
9, Section 5 of the Securities Market Act. The notice is availa-
ble on Kojamo’s website https://kojamo.fi/en/investors/share-
holders/flaggings/. 
Managers’ transactions and shareholdings 
Managers’ transactions at Kojamo in 2022 have been pub-
lished as stock exchange releases and they are available on 
the Kojamo website at www.kojamo.fi/en/news. 
The members of the Board of Directors or corporations over 
which they exercise control owned a total of 55,754 (51,741) 
shares and share-based rights in the company or in compa-
nies belonging to the same Group as the company. The mem-
bers of the Management Team or corporations over which 
they 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
17 
Hallituksen toimintakertomus ja tilinpäätös 
exercise control owned a total of 190,033 (159,768) shares 
and share-based rights in the company or in companies be-
longing to the same Group as the company. These shares rep-
resent 0.10 (0.09) per cent of the company’s entire share capi-
tal. 
Shareholdings 
There are a total of 12,047 shareholders in Kojamo plc, the ten 
largest shareholders being (share register at 31 Dec 2022):
10 largest shareholders as at 31 December 2022 
No. of 
Shareholder 
shares 
Holding, % 
Ilmarinen Mutual Pension Insurance Company 
20,537,814 
8.31 
Varma Mutual Pension Insurance Company 
19,362,375 
7.83 
The Finnish Industrial Union 
16,466,600 
6.66 
Trade Union of Education in Finland 
11,814,417 
4.78 
Finnish Construction Trade Union 
8,208,609 
3.32 
Trade Union PRO 
4,904,150 
1.98 
Trade Union for the Public and Welfare Sectors 
4,700,000 
1.90 
Service Union United PAM 
4,580,079 
1.85 
Elo Mutual Pension Insurance Company 
3,146,000 
1.27 
The State Pension Fund of Finland 
1,700,000 
0.69 
Other 
151,724,355 
61.39 
Total 
247,144,399 
100.00 
Breakdown of share ownership 
No. of 
No. of 
% of 
Shares 
owners 
% 
shares 
shares 
1–100 
7,386 
61.31 
285,600 
0.12 
101–500 
3,356 
27.86 
843,162 
0.34 
501–1,000 
703 
5.84 
545,325 
0.22 
1,001–5,000 
431 
3.58 
917,542 
0.37 
5,001–10,000 
54 
0.45 
387,552 
0.16 
10,001–50,000 
54 
0.45 
1,283,138 
0.52 
50,001–100,000 
15 
0.12 
1,086,715 
0.44 
100,001–500,000 
24 
0.20 
5,179,908 
2.10 
500,001– 
24 
0.20 
236,615,457 
95.74 
Total 
12,047 
100.00 
247,144,399 
100.00 
Ownership structure 
No. of 
% of 
Shareholders 
shares 
shares 
Public sector 
45,149,339 
18.27 
Financial and insurance corporations 
116,319,748 
47.07 
Households 
2,913,047 
1.18 
Non-financial corporations 
982,373 
0.40 
Non-profit institutions 
59,961,484 
24.26 
Other countries 
21,818,408 
8.83 
Total 
247,144,399 
100.00 
Nominee-registered 
132,944,780 
53.79 

Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
18 
Hallituksen toimintakertomus ja tilinpäätös 
Governance
Annual General Meeting 
Kojamo’s Annual General Meeting (AGM) of 16 March 2022 
adopted the financial statements for the financial year 2021 
and discharged the members of the Board of Directors and the 
CEO from liability. The AGM also decided on dividend 
payment, the number of members of the Board of Directors, 
the Board of Director’s remuneration and composition and the 
election and remuneration of the auditor. The AGM approved 
the Remuneration Report for the members of the Board of Di-
rectors, the CEO and the Deputy CEO. The AGM authorised 
the Board of Directors to resolve on one or more share issues 
or the issuance of special rights entitling to shares, as referred 
to in Chapter 10, Section 1 of the Companies Act. The minutes 
of the AGM are available at https://kojamo.fi/agm.
Board of Directors and auditors 
The members of Kojamo’s Board of Directors are Mikael Aro 
(Chairman), Mikko Mursula (Vice-Chairman), Matti Harjuniemi, 
Anne Leskelä, Kari Kauniskangas, Reima Rytsölä and Catha-
rina Stackelberg-Hammarén. The company’s auditor is KPMG 
Oy Ab, with Authorised Public Accountant Esa Kailiala as the 
auditor with principal responsibility. 
Board committees 
Kojamo’s Board of Directors has established two permanent 
committees, an Audit Committee and a Remuneration Commit-
tee. Anne Leskelä (Chairman), Kari Kauniskangas, Mikko Mur-
sula and Catharina Stackelberg-Hammarén serve in the Audit 
Committee. Mikael Aro (Chairman), Matti Harjuniemi and 
Reima Rytsölä serve in the Remuneration Committee. 
Nomination Board 
A stock exchange release was issued on 16 September 2022 
announcing the composition of Kojamo plc’s Nomination 
Board. Kojamo’s three largest shareholders nominated the fol-
lowing members to the Shareholders’ Nomination Board: Arve 
Regland, CFO, Fredensborg AS; Jouko Pölönen, CEO, Ilmari-
nen Mutual Pension Insurance Company; and Risto Murto, 
CEO, Varma Mutual Pension Insurance Company. 
In addition, 
the Chairman of Kojamo’s Board of Directors serves as an ex-
pert member of the Nomination Board. 
The Shareholders’ Nomination Board is a body established by 
the Annual General Meeting consisting of shareholders, with 
the task of annually preparing and presenting proposals for the 
General Meeting concerning the number, composition and 
Chairman of the Board of Directors, remuneration of the Board 
of Directors and remuneration of the members of the Board 
Committees.
CEO 
Jani Nieminen, M.Sc. (Tech.), MBA 
was the CEO during the 
review period. The CEO’s deputy was CFO Erik Hjelt, Licen-
tiate in Laws, eMBA. 
Management Team 
At the end of the review period, the members of the Manage-
ment Team 
were Jani Nieminen, CEO; Erik Hjelt, CFO; Irene 
Kantor, Marketing and Communications Director; Tiina Kuu-
sisto, Chief Customer Officer; Katri Harra-Salonen, Chief Digi-
tal Officer; and Ville Raitio, Chief Investment Officer. 
Marketing and Communications Director Irene Kantor resigned 
in October and she continued in her position until the end of 
the year. At the same time, the position of Marketing and Com-
munications Director ceased and the position of Chief Expe-
rience Officer (CXO) was established, to which Tiina Kuusisto 
(KTM) was 
appointed. 
Description of corporate governance 
The description of Kojamo’s administration and the Corporate 
Governance Statement are publicly available on Kojamo’s 
website at www.kojamo.fi/en.
Personnel 
At the end of 2022, Kojamo had a total of 304 (325) employ-
ees, of who 270 (284) were on permanent contracts and 8 (41) 
were on temporary contracts. 
The avarage number of person-
nel during the year was 316 (321). The avarage lenght of ser-
vice was 9.3 (9.4) years. Personnel turnover in 2022 was 17.6 
(10.9) per cent. The company hired nearly 50 summer employ-
ees in 2021. 
The salaries and fees paid during the financial year totalled 
EUR 17.8 (16.4) million. 
Annual performance bonus and incentive sys-
tem 
Kojamo’s employees are included in an annual performance 
bonus system which is based on the achievement of the com-
pany’s general targets as well as personal targets. 
Kojamo also has a long-term share-based incentive plan for 
the Group’s key personnel. The reward is based on reaching 
the targets set for Kojamo’s key business criteria in relation to 
the Group’s strategic goals. Three performance periods were 
ongoing at the end of the financial year: 2020–2022, 2021–
2023 and 2022-2024. 
On 17 February 2022, Kojamo’s Board of Directors resolved 
on the long-term incentive plan’s performance period of 2022–
2024. The possible rewards for the performance period are 
based on the Group’s revenue (%) and Funds From Opera-
tions (FFO) per share. The rewards to be paid on the basis of 
the performance period correspond to the value of a maximum 
total of 104,934 shares including the proportion to be paid in 
cash. 
If the three ongoing earning periods were accrued in full, the 
maximum bonus would be a sum corresponding to 309,453 

Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
19 
Hallituksen toimintakertomus ja tilinpäätös 
Kojamo shares, of which 50 per cent would be paid in Kojamo 
shares and 50 per cent in cash. More information on the long-
term incentive plan is provided in Kojamo’s Remuneration Re-
port for 2022 and Kojamo’s website.
Statement of non-financial information
Kojamo plc offers rental apartments and housing services in 
Finnish growth centres. The company’s vision is to be the 
property market frontrunner and the number one choice for its 
customers. In accordance with our mission, we create better 
urban housing, using a long-term approach, focusing on the 
best customer experience as well as competent, energetic per-
sonnel and sustainable development. Our goal is to create 
more offering and new service solutions in rental housing. 
Sustainability reporting 
The statement of non-financial information describes Kojamo’s 
key operating principles and the results related to the most 
material sustainability perspectives. The sustainability themes 
we report on are based on our sustainability programme and 
materiality analysis of sustainability. The results of the materi-
ality analysis conducted in 2020 were compiled into Kojamo’s 
significant sustainability themes, which formed the focus areas 
of our sustainability programme. This statement of non-finan-
cial information follows the structure of these focus areas: 
● 
A builder of sustainable cities 
● 
delivering the best customer experience 
● 
The most competent personnel and a dynamic place to 
work 
● 
A responsible corporate citizen. 
In addition to this statement of non-financial information, we 
will publish a Sustainability Report as part of the 2022 Annual 
Report to describe our sustainability efforts and their results in 
more detail. Our report on the year 2022 is based on the 
Global Reporting Initiative (GRI) framework and the European 
Public Real Estate Association’s Sustainability Best Practices 
Recommendations (EPRA sBPR, 3rd edition). The key sus-
tainability indicators have been verified by an independent 
third party. 
EPRA assesses the financial statements and sustainability re-
ports of European listed property companies yearly and grants 
awards to the best companies. EPRA recognised our financial 
statements for 2021 with a Gold award for the fourth consecu-
tive year and our sustainability report for 2021 with a Silver 
award. 
In 2022, we participated in the Global Real Estate Sustainabil-
ity Benchmark (GRESB) survey for the third time. We received 
a score of 72/100 and two stars out of five. Our score de-
creased by five points from the previous year. Our score was 
affected by higher energy consumption due to weather condi-
tions as well as a change in the scoring method concerning the 
energy consumption of residents. Nevertheless, we once again 
exceeded the average score (68) of our comparison group 
(Europe, Listed Residential Multi-Family) and placed third in 
the group. 
Reporting on compliance with the EU taxonomy 
Although Kojamo is not yet covered by the requirement, we 
have wanted to carry out a study and report on the EU taxon-
omy eligibility and alignment of our business to frontload our 
efforts. In 2021, we reported on our taxonomy eligibility and 
determined that 100% of our total revenue, operational costs 
and investments are taxonomically eligible. Now, we are re-
porting on the taxonomy alignment of our business operations 
for 2022. 
We have considered our business operations from the per-
spective of making a significant contribution to climate change 
mitigation. The EU taxonomy includes criteria for seven differ-
ent economic activities in the construction and real estate sec-
tor: 
7.1. Construction of new buildings 
7.2. Renovation of existing buildings 
7.3. Installation, maintenance and repair of energy efficiency 
equipment 
7.4. Installation, maintenance and repair of electric vehicle 
charging stations in buildings (and in parking areas adjacent to 
buildings) 
7.5. Installation, maintenance and repair of equipment used for 
measuring, regulating and controlling the energy efficiency of 
buildings 
7.6. Installation, maintenance and repair of renewable energy 
technology 
7.7. Acquisition and ownership of buildings 
Kojamo has business activities related to all of these activities. 
As a first step, we have started to examine the criteria related 
to the acquisition and ownership of buildings, as this consti-
tutes the majority of our business operations aligned with the 
taxonomy. In 2023, we will include taxonomy criteria in the pro-
cesses related to, for example, the construction of new build-
ings and the renovation of existing buildings. Our goal is to re-
port on these in the Board of Directors’ report for 2023. 
With regard to the acquisition and ownership of buildings, the 
EU taxonomy includes a criterion relating to energy efficiency. 
We have investigated the fulfilment of this criterion in our prop-
erty portfolio with the help of a study commissioned by the 
Finnish Association of Building Owners and Construction Cli-
ents (RAKLI) entitled “Assessment of the primary energy con-
sumption of the best 15 per cent of property stock” 
(
in Finnish
: 
Rakennuskannan 15 prosentin parhaimmiston primääriener-
gian kulutuksen määrittely)
. We have reviewed the energy cer-
tificates of our property portfolio and identified properties that 
meet the EU taxonomy criteria, i.e. properties that were com-
pleted before 31 December 2020 and have an energy class A 
or an E value of 119 or below in accordance with the 2018 en-
ergy certificate, and which are, therefore, among the best 15 
per cent in terms of primary energy consumption, in accord-
ance with a study commissioned by RAKLI. 
The EU taxonomy’s “do no significant harm” criterion for the 
acquisition and ownership of buildings is the implementation of 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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20 
Hallituksen toimintakertomus ja tilinpäätös 
property-specific climate risk assessments. During the year 
2023 we will investigate our process related to climate risk as-
sessments. The taxonomy alignment percentages that we now 
report are based only on the criterion related to energy effi-
ciency. In 2023, we will also implement a due diligence pro-
cess on human rights at the Group level in relation to the EU 
taxonomy’s minimum social safeguards. 
We report our total revenue and operational costs for proper-
ties completed before 31 December 2020 with regard to the 
acquisition and ownership of buildings (7.7.). Based on these 
figures, we calculate the shares of the properties in question 
that meet the aforementioned energy efficiency requirement 
and have been owned by us in 2022.
Kojamo total 
MEUR 
Taxonomy 
eligibility, % 
Properties com-
pleted after 31 De-
cember 2020, % 
Completed on or before 
31 December 2020, % 
Taxonomy 
alignment (properties com-
pleted on or before 
 
31 December 2020), % ** 
Total revenue 
413.3 
100 % 
6 
94 
21 
Operational 
costs 
137.1 
100 % 
4 
96 
16 
* Includes property maintenance, repair costs, credit losses, rents and external maintenance charges. Doesn’t include IFRS 16 
lease capitalization.
** No climate risk assessments have been carried out. Only the energy efficiency requirement has been taken into account. 
Key principles of sustainability management 
Pursuing corporate responsibility is integral to Kojamo’s opera-
tions and corporate culture. Responsibility and sustainable de-
velopment are among Kojamo’s strategic focus areas. As 
such, they are managed as part of the Group’s day-to-day 
business. Kojamo focuses especially on responsibility towards 
its customers, its obligations as a contractor as well as clear 
communication to its shareholders about the Group’s corpo-
rate and social responsibility processes. Kojamo acts transpar-
ently and responsibly and also requires the same from its part-
ners. 
Our responsibility work is guided by our strategy, values, oper-
ating principles and sustainability programme. Our operating 
principles include our Corporate Governance practices, Code 
of Conduct, Personnel and Data Security Policy, Supplier 
Code of Conduct and Fair Rental Practice. For the purpose of 
monitoring the effectiveness of the governance and control 
system, Kojamo has a whistleblowing procedure for employ-
ees and external stakeholders. The reports may concern, for 
example, violations or suspected violations of the rules and 
regulations pertaining to the financial market or actual or sus-
pected violations of Corporate Governance principles or 
Kojamo’s Code of Conduct. More information on our govern-
ance practices is published in Kojamo’s Corporate Govern-
ance Statement and Remuneration Report. 
We have defined the following sustainability management 
practices: 
● 
The Board of Directors is responsible for strategic policies 
and decisions concerning sustainability 
● 
The CEO is responsible for the implementation of the 
Board of Director’s decisions and, with the assistance of 
the Management Team, 
monitors the realisation of sustain-
ability as part of the Group’s business operations in accord-
ance with the Board’s decisions 
● 
At the Management Team 
level, the Chief Investment Of-
ficer is in charge of sustainability 
● 
The Corporate Responsibility and Sustainability Manager is 
responsible for Kojamo’s sustainability-related matters and 
their development, sustainability reporting and supporting 
the Group’s business units as an expert on sustainability is-
sues. The Corporate Responsibility and Sustainability Man-
ager reports to the Chief Investment Officer 
● 
Business directors are in charge of actions related to their 
respective areas of responsibility with regard to the imple-
mentation of the sustainability programme. Sustainability 
targets are integral elements of the operating plans and ob-
jectives of our businesses 
● 
Kojamo’s sustainability steering group works on the devel-
opment of sustainability across organisational boundaries. 
The steering group consists of key personnel representing 
functions that are central to Kojamo’s sustainability efforts. 
The Chair of the steering group is the Chief Investment Of-
ficer and the group’s work is coordinated by the Corporate 
Responsibility and Sustainability Manager. 
Sustainability programme 
Our sustainability programme is based on the materiality of 
sustainability and covers our operations in terms of environ-
mental, social and economic responsibility. With the help of the 
sustainability programme, we create added value in our busi-
ness, enhance our risk management by increasingly integrat-
ing sustainability perspectives into our operations and 
strengthen stakeholder engagement. The sustainability pro-
gramme extends across our businesses, and it helps us steer 
and develop our sustainability efforts systematically as a key 
component of our business operations. 
Our sustainability programme sets out focus areas, long-term 
and short-term targets and performance indicators for our sus-
tainability efforts. 
In 2022, we continued to integrate the sustainability pro-
gramme’s targets and performance indicators into our busi-
ness operations and processes. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Board of Directors’ Report and Financial Statements 
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21 
Hallituksen toimintakertomus ja tilinpäätös 
In our sustainability programme, we are committed to the UN 
Sustainable Development Goals. 
The key policies, principles, commitments and programmes re-
lated to the sustainability programme are described below. 
Also described are the practices used to assess the effective-
ness of the management approach: 
A builder of 
sustainable 
cities 
Delivering 
the best 
customer experi-
ence 
The most 
competent person-
nel 
and a dynamic 
place to work 
A responsible 
corporate citizen 
Cornerstones of 
sustainability 
Key 
policies, 
principles, 
commitments 
and programmes 
● 
Kojamo’s strat-
egy 
● 
Kojamo’s values 
● 
Code of 
Conduct 
● 
UN Sustainable 
Development 
Goals 
● 
Voluntary energy 
efficiency 
agreement of the 
Finnish real es-
tate sector 2017–
2025 
● 
WWF Green 
Office 
● 
Due diligence in 
investment deci-
sions
● 
Kojamo’s strat-
egy 
● 
Kojamo’s values 
● 
Code of 
Conduct 
● 
UN Sustainable 
Development 
Goals 
● 
Through the 
Customer’s Eyes 
programme 
● 
Kojamo’s strat-
egy 
● 
Kojamo’s values 
● 
Code of 
Conduct 
● 
UN Sustainable 
Development 
Goals 
● 
A responsible 
employer 
● 
Responsible 
Summer 
Job campaign 
● 
Personnel 
policy 
● 
Equality and 
non-discrimina-
tion plan 
● 
Collective 
bargaining 
agreements 
● 
Kojamo’s strat-
egy 
● 
Kojamo’s values 
● 
Code of 
Conduct 
● 
Supplier Code of 
Conduct 
● 
UN Sustainable 
Development 
Goals 
● 
Corporate Gov-
ernance Code 
● 
Whistleblowing 
procedure 
● 
Vastuu Group 
Oy’s Reliable 
Partner service 
● 
Data security 
policy 
● 
Risk manage-
ment 
● 
Lumo sponsor-
ship and grant 
programme 
● 
Kojamo’s strat-
egy 
● 
Kojamo’s values 
● 
Code of 
Conduct 
● 
Supplier Code of 
Conduct 
● 
UN Sustainable 
Development 
Goals 
● 
GRI Standards 
● 
Global Real Es-
tate Sustainabil-
ity Benchmark 
(GRESB) 
● 
EPRA Sustaina-
bility Best Prac-
tices Recom-
mendations 
Guidelines 
Assessing 
the effectiveness of 
the management 
approach
● 
Whistleblowing 
procedure 
● 
Property and 
Building Sector 
Energy Efficiency 
Agreement steer-
ing group and re-
porting 
● 
Operating in ac-
cordance with 
the Net Zero 
Carbon Buildings 
commitment 
● 
WWF Green Of-
fice audits 
● 
Management 
Team and steer-
ing groups
● 
Whistleblowing 
procedure 
● 
Resident satis-
faction surveys 
● 
NPS 
● 
Management 
Team and steer-
ing groups
● 
Whistleblowing 
procedure 
● 
Overall 
result of the 
personnel survey 
● 
Personnel satis-
faction index 
● 
Management 
Team and steer-
ing groups
● 
Internal auditing 
● 
Vastuu Group 
Oy’s Reliable 
Partner service 
● 
Whistleblowing 
procedure 
● 
Tax footprint 
● 
Management 
Team and steer-
ing groups 
● 
Partner evalua-
tion practices
● 
Internal auditing 
● 
Vastuu Group 
Oy’s Reliable 
Partner service 
● 
Whistleblowing 
procedure 
● 
Management 
Team and steer-
ing groups
A builder of sustainable cities 
We are committed to developing new and modern construction 
solutions, housing services and eco-friendly innovations by 
which we build sustainable cities and improve the energy effi-
ciency of our housing stock. We invest in growth centres, in lo-
cations with good public transport connections and services. 
We want to create better urban housing and urban environ-
ments that are comfortable, safe and in line with the principles 
of sustainable development. Increasing the supply of rental 
apartments in growth centres supports the vitality and eco-
nomic activity of cities, thereby supporting well-being through-
out society. 
The key targets 
Kojamo’s most significant environmental impact arises from 
the energy consumption of our properties and the resulting 
carbon dioxide emissions. Our principle is to consume energy 
as efficiently as possible without compromising on the quality 
of housing and the conditions our residents live in. 
We have set carbon-neutral energy consumption for our entire 
property portfolio by 2030 as our primary target. 
We have made a commitment to the voluntary energy effi-
ciency agreement of the Finnish real estate sector for the 
fourth consecutive term of the initiative. For the current term, 

 
 
 
 
 
 
 
 
 
 
 
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Board of Directors’ Report and Financial Statements 
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Hallituksen toimintakertomus ja tilinpäätös 
our target is to reduce energy consumption by 7.5 per cent by 
2025, using 2016 as the baseline (VAETS II). 
The other key targets related to the “A builder of sustainable 
cities” focus area and their progress are shown in the table be-
low: 
Target 
Performance indicator 
Result 2022 
Our target is to achieve carbon-neutral energy consumption 
for our property portfolio by 2030 
● 
Carbon footprint of the property portfolio, 
tCO
2
● 
Carbon footprint of the property portfolio, kg 
CO
2
/apartment 
38,695 
1.0 
The property electricity used by our property 
portfolio is 
100% carbon-neutral 
● 
Share of renewable energy of the property 
portfolio’s energy consumption, % 
● 
Share of carbon-neutral electricity of property 
electricity consumption, % 
21.9 
100.0 
All of our own new development projects, the 
planning of 
which began in 2021, will be implemented with 
an E value of 
≤ 80 
● 
Apartments under construction with an E 
value of ≤ 80, % 
100.0 
We will improve the waste recycling rate of our properties 
to 
55% by the end of 2023 
● 
Waste recycling rate of the property portfolio, 
% 
33.0 
We invest in growth centres, in locations with good public 
transport connections and services 
● 
Gross investments in growth centres, MEUR 
● 
Investments in growth centres, in locations 
with good public transport connections, % of 
apartments 
501.6 
100.0 
Due to the long life-cycle of properties, our most significant en-
vironmental impacts are related to the in-use energy consump-
tion of our properties and the resulting carbon dioxide emis-
sions. Our goal is efficient energy consumption without com-
promising on the quality and conditions of housing. 
We have prepared a roadmap towards carbon-neutral energy 
consumption; the goal is to achieve carbon-neutral energy 
consumption in our properties by 2030. As our annual emis-
sion reduction target, we have set a minimum 4% reduction in 
CO
2
 
emissions for the entire portfolio until the end of 2025 
(measured in terms of kgCO
2
/apartment). This target was ex-
ceeded in 2022, with our apartment-specific emission reduc-
tion being -10 per cent. Our measures to improve the energy 
efficiency of our property portfolio have a significant impact on 
reducing apartment-specific CO
2
 
emissions. 
In 2022, we invested a total of EUR 52.7 (44.4) million in reno-
vating and modernising our property portfolio. We started sev-
eral renovation projects in 2022 in locations including Tam-
pere, Turku, Oulu, Jyväskylä and Helsinki. Situated close to 
excellent transport connections in Helsinki’s Sörnäinen district, 
the Hämeentie 48 property was renovated inside and out to 
meet the needs of today’s customers. The renovation was 
completed in April 2022. Energy efficiency was improved dur-
ing the year by replacing ventilation fans, optimising the en-
ergy consumption of properties and making adjustments to the 
heating network. 
In 2022, we started the conversion of seven properties from 
district heating to geothermal heating. The renovation projects 
will be completed in 2023, and our aim is to start geothermal 
heating conversion at another seven properties. 
Our property portfolio is 99% heated with district heating pur-
chased from local district heating companies. During the year 
under review, 86 properties used district heating that is pro-
duced entirely from renewable and carbon-neutral energy 
sources. The property electricity of our entire property portfolio 
– meaning the electricity used for shared premises and out-
door areas – is produced by using 100% carbon-neutral en-
ergy sources. 
We take advantage of digitalisation in property maintenance, 
for example heating for more than 29,000 homes is controlled 
by an optimization solution. The system optimises energy con-
sumption by utilising temperature data from the apartments, 
weather forecast data and the energy consumption profiles 
that the system learns for each building. In addition, almost all 
of our properties are connected to a remote monitoring system 
for energy and water consumption. This enables a quick re-
sponse and repairs in the event of a leak, for example. 
In 2022, the waste recycling rate of our property portfolio was 
33.0 % (38.0 %). However, the total volume of waste de-
creased slightly from previous year -0.2. 
Delivering the best customer experience
We want to provide our customers with the best customer ex-
perience in housing. We want to create safe and comfortable 
homes that give our customers a strong sense of community, 
sustainable housing and services that make life easier. Coop-
eration with our residents plays a key role in creating better ur-
ban housing. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
Key targets
Our main objectives are satisfied residents and increasing our 
Net Promoter Score (NPS). We measure customer satisfaction 
by taking Net Promoter Score (NPS) measurements at differ-
ent stages of the customer path. Our current target score is 40. 
We also aim to make the Lumo webstore the easiest way to 
rent a home. A further goal is that the Lumo services create 
added value in housing. 
The other key targets related to the “Delivering the best cus-
tomer experience” focus area and their progress are shown in 
the table below. 
Target 
Performance indicator 
Result 2022 
By the end of 2023, 90% of our households 
will use the 
My Lumo service 
● 
Percentage of households using MyLumo, 
% 
82.0 
We will improve the waste recycling rate of our properties 
to 55% by the end of 2023 
● 
Waste recycling rate of the property port-
folio, % 
33.0 
We will promote a strong sense of community in housing 
through our active Lumo teams, among other 
means 
● 
Number of Lumo teams 
396.0 
By the end of 2025, the opportunity to use a 
shared vehi-
cle will be offered at all of our properties 
● 
Percentage of properties with possibility to 
share a vehicle, % 
100% 
My Lumo is a digital platform that our residents can use to 
handle their housing-related affairs and buy services that make 
daily life easier. The service provides a personalised user ex-
perience and is used by 82 per cent of our residents. We de-
velop digital services for our residents at a rapid rate. During 
the year, we used user-driven design methods in our develop-
ment efforts, including usability testing, resident interviews and 
surveys. The accessibility of our services and the smoothness 
of the service experience were improved during the year by 
visual means and by increasing the range of available lan-
guages. Instructions for service use are now available in as 
many as 11 languages, with content in Ukrainian being the lat-
est addition. 
Sustainable values are also incorporated into the marketplace 
on the My Lumo platform, where customers can purchase vari-
ous additional services related to housing, such as cleaning or 
moving services. The service providers in the My Lumo mar-
ketplace are selected on the basis of sustainability criteria. 
During the year under review, we increased the number of lo-
cal service providers in the marketplace to support the growth 
of smaller enterprises. 
We build all Lumo homes close to good public transport con-
nections and diverse services. Such locations enable more 
sustainable lifestyles, which we also support by providing our 
residents with access to shared cars and bicycles. All resi-
dents of Lumo homes have the opportunity to use shared vehi-
cles. In the capital region, Lumo residents have had the oppor-
tunity to pick up their online shopping deliveries from the 
shared facilities of their apartment buildings for several years 
now. 
In 2022 our NPS was 45. We saw positive development in our 
customer recommendation rate due to factors including our im-
proved service response, enabled by the faster processing of 
customer contacts, as well as the development of new ser-
vices that promote sustainable living. The improvement in our 
overall NPS score is also partially attributable to a change in 
the measurement method, with the NPS now including the en-
tire customer lifecycle and all service channels. 
Lumo homes have set a target of increasing the waste recy-
cling rate from 40 per cent (2021) to 55 per cent by the end of 
2023. Waste sorting by the residents of Lumo homes is sup-
ported by the provision of appropriate waste disposal facilities 
as well as clear guidance and active communications. 
We communicated our responsibility and sustainability themes 
to residents throughout the year. At the heart of resident com-
munications, there were measures aimed at improving energy 
efficiency and saving electricity, as Kojamo participated in the 
nationwide Down a Degree campaign. We encouraged Lumo 
residents to take practical energy-saving measures that have 
an immediate effect, and we focused on communications on 
power outages, which was a topic of growing interest among 
our residents. 
During the year under review, we added Zero-carbon heating 
to our range of sustainable housing services. Giving Lumo res-
idents the opportunity to offset the carbon footprint of heating 
is one tool for managing the climate impacts of our entire value 
chain. We also launched a digital carbon footprint test that en-
ables our residents to assess the sustainability of their lifestyle. 
Residents who complete the test are provided with personal-
ised tips for more sustainable housing and living. 
The most competent personnel and a dynamic 
place to work
Our corporate culture ensures the effective implementation of 
the company’s strategy and objectives, and our goal is to de-
velop our corporate culture in accordance with our strategy. 
Our corporate culture is based on Kojamo’s shared values: 
Happy to serve, Strive for success and Courage to change. 
Our aim is to create a first-class employee experience through 
good management, by investing in employee well-being and 
promoting equality and non-discrimination. 
We take a comprehensive approach to our HR activities and 
consider sustainability at every stage of the employment life-
cycle. We also promote equality and non-discrimination in our 

 
 
 
 
 
 
 
 
 
 
 
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24 
Hallituksen toimintakertomus ja tilinpäätös 
operations. Our operations are based on our Code of Conduct 
and Kojamo’s personnel policy. Our operations are also guided 
by Kojamo’s personnel and training plan, remuneration policy, 
equality and non-discrimination plan, substance abuse pro-
gramme, action plan for work ability management, occupa-
tional healthcare action plan, “safe at work” orientation materi-
als and customer service safety plan. Transparent operating 
models, fairness and sustainable solutions are at the core of 
responsible human resource management. We take good care 
of our personnel as a whole and our employees as individuals. 
Non-discrimination and the equal treatment of personnel are 
deeply ingrained structural priorities for Kojamo. Gender equal-
ity is reflected at all levels of the Kojamo organisation, includ-
ing the Board of Directors. We promote equality starting from 
recruitment, and we use the anonymous recruitment approach 
in nearly all of our external recruitment activities. 
Kojamo applies a local company-specific collective bargaining 
agreement, which covers 100% of our employees. Kojamo’s 
collective bargaining agreement was signed by Trade Union 
Pro and Kojamo. Kojamo is a member of Service Sector Em-
ployers Palta, which is part of the Confederation of Finnish In-
dustries EK. The collective bargaining agreement is available 
to all employees. 
We recognise our employees’ freedom of unionisation and as-
sembly, which is included in our personnel policy and the col-
lective bargaining agreement. 
Key targets
Target 
Performance indicator 
Result 2022 
Overall results of the personnel survey 
3,96/5 
Employee Net Promoter Score 
● 
eNPS 
● 
eNPS new employees 
16 
75 
We promote gender equality amongst our 
personnel. Equal and fair operating models 
are applied in all functions and job roles 
● 
Gender distribution (all employees, super-
visors, management, Board of Directors), 
women/men 
All employees: 60 / 40 
Supervisors: 48 / 52 
Management: 50 / 50 
Board of Directors: 29 / 71 
Zero accidents 
● 
Accident frequency 
11.3 
Zero tolerance for harassment and inappro-
priate conduct 
● 
Number of reports received via the whis-
tleblowing reporting channel, pcs 
0 
In 2022, we launched a series of training activities focused on 
inspiration and renewal to build stronger change competencies 
among our personnel. The training activities provided us with 
new insights on topics such as data-driven management, the 
use of artificial intelligence and modern learning methods. 
Many of our training activities are job-specific. In building man-
agement, for example, we collaborated on turning the Building 
Manager’s Playbook into an online training module. In cus-
tomer service, training activities were focused on the themes 
of customer service and interaction skills in challenging situa-
tions. In sales, our employees have worked on managing their 
own work and assessing customer needs. 
Our consistent leadership style is reflected in the results of our 
personnel survey. As in the previous year, 
the topic of supervi-
sory work emerged as our strongest theme based on the feed-
back we received. We also received praise for the understand-
ing of our strategy and the clarity of individual goals. The open-
ended comments described Kojamo’s corporate culture as 
open, inspiring and bold. The respondents also noted that it is 
easy for new recruits to join our ranks. One development area 
highlighted in the survey was internal communication, and we 
will create new operating models to strengthen that aspect of 
our operations in 2023. The overall results of the personnel 
satisfaction survey were very good, although the overall aver-
age score decreased slightly from the previous year and came 
to 3.96/5. The response rate was 79.0%. 
New Kojamo employees are satisfied with their orientation pro-
cesses. We assess our performance in this respect by means 
of the eNPS indicator. The survey is conducted a couple of 
months after the employee has started work. In 2022, our 
eNPS score of new employees was 75. 
Although the pandemic continued during the year under re-
view, the number of sickness-related absences remained fairly 
low. In particular, 
the rate of long-term sickness-related ab-
sences decreased significantly compared to the previous 
years. As a new occupational healthcare service, we intro-
duced a mental health chat and sparring service during the 
year to provide low-threshold discussion-based support for dif-
ficult situations in working life. 
Responsible corporate citizenship
Our business has several direct and indirect impacts on our 
society. The Code of Conduct for our personnel is a set of 
guidelines documenting the principles by which we interact 
with our stakeholders, society and the environment. Everyone 
at Kojamo is required to be familiar with the Code of Conduct 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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25 
Hallituksen toimintakertomus ja tilinpäätös 
and to work responsibly and transparently in compliance with 
it. We also require a high standard of responsibility from all of 
our partners. The sustainability of our procurement is guided 
by our Supplier Code of Conduct, which is incorporated into all 
of our new partnership agreements. 
We comply with the obligations of the Contractor’s Obligations 
Act in our procurement activities, and any party in our procure-
ment chain or in a permanent business relationship with us 
must also commit to compliance with the Act as well as our 
Supplier Code of Conduct. We require all parties in the pro-
curement chain that are involved in renovation, new construc-
tion and property maintenance to be members of the tilaaja-
vastuu.fi register, fulfil their statutory obligations and commit to 
operating in accordance with the principles of sustainable de-
velopment. 
Kojamo is a significant taxpayer that pays all of its taxes to Fin-
land. Our employment effect extends beyond our own opera-
tions to construction, renovation, property maintenance and 
cleaning partnerships, among other things. We ensure our fu-
ture operating conditions by managing the risks associated 
with our cooperation network, looking after the condition of our 
apartments, maintaining good tenancy relationships and devel-
oping innovative new services. 
Data protection and information security
Kojamo collects personal data from various sources. The data 
subjects include private customers, corporate customers, part-
ners, stakeholders, supplies, employees and job applicants. 
On the internet, cookies and other online analytics can be 
used to collect data on website visitors. Personal data also 
changes and increases during a customer relationship, for ex-
ample, or when the existing data is used and refined for the 
purpose of service customisation, for instance. 
Ensuring a high level of information security and data protec-
tion is of vital importance in all of Kojamo’s operations. The 
risks associated with new products, services and systems are 
assessed before their implementation. Personal data is pro-
cessed carefully, in accordance with the relevant legislative re-
quirements and in compliance with good data processing prac-
tices. Kojamo has also taken steps to prepare for exceptional 
circumstances such as potential breaches of information secu-
rity. Effective data protection is important not only to fulfil legis-
lative requirements but also to maintain a reliable reputation 
and a good customer experience. Kojamo complies with the 
provisions of the General Data Protection Regulation in all op-
erations. 
To deliver 
the best customer experience, we are always look-
ing for new ways to refine and use data. By knowing our cus-
tomers we can respond to their needs by creating services that 
strengthen our position in the market. At the same time, we 
have an absolute obligation to look after the quality of cus-
tomer data, its appropriate and responsible processing and 
data protection. 
Target 
Performance indicator 
Result 2022 
A zero tolerance policy concerning the grey economy 
● 
Reports through the whistleblowing channel 
or internal reporting procedures, pcs 
0 
Maintaining a high level of occupational safety at 
construc-
tion sites: TR indicator target > 90 
● 
TR indicator 
96 
Zero tolerance for data protection violations 
● 
Data protection violations or suspected mis-
conducts, pcs 
0 
Key targets
Our Code of Conduct is based on Kojamo’s values. It is the 
foundation for our operating practices and applies to everyone 
at Kojamo. We ensure compliance with the Code of Conduct 
by means of training, for example. Video training on the Code 
of Conduct has been incorporated into the orientation for new 
employees. We encourage employees to report all suspected 
misconduct and Code of Conduct violations and, in ambiguous 
situations, turn to the persons responsible for these issues for 
advice without hesitation. Kojamo also has a whistleblowing 
channel that employees, cooperation partners and other stake-
holders can use to confidentially report any misconduct or 
problems, either anonymously or by identifying themselves. 
The reporting channel satisfies the requirements of the new 
Whistleblower Protection Act. We did not receive any reports 
via the whistleblowing channel in 2022. 
Responsibility in our procurement activities is guided by 
Kojamo’s Code of Conduct, compliance with the Contractor’s 
Obligations Act and Kojamo’s other procurement principles 
and guidelines. We require all of our partners and subcontrac-
tors to comply with laws and regulations, to join the Reliable 
Partner service maintained by Vastuu Group Oy and fulfil the 
related reporting obligations throughout the term of each 
agreement. Our Supplier Code of Conduct is incorporated into 
all of our new partnership agreements. To 
ensure a high 
standard of occupational safety, we monitor occupational 
safety at construction sites by means of an indicator of working 
conditions (TR indicator). Our target value for the TR indicator 
is over 90. In 2022, the value was 96. 
During the past year, we updated our Procurement Policy and 
also created a separate Procurement Policy for construction 
contracting, IT purchasing and property services. We organ-
ised training throughout the year for all of our employees en-
gaged in procurement activities on topics including contractual 
appendices and data protection. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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2022 
26 
Hallituksen toimintakertomus ja tilinpäätös 
We have focused increasingly on the data protection and data 
security competencies of our employees over the past few 
years. Our digital learning environment, which offers both 
basic knowledge and job-specific training on data protection, is 
currently being updated. Kojamo’s comprehensive and clear 
data protection policies support the training materials. Practical 
training and guidelines are provided for employees in different 
job roles to help them to gain an understanding of the data 
protection issues related to their duties. Our target is for every-
one at Kojamo to complete data protection training in the 
online learning environment each year. In 2022, this target was 
achieved at a rate of 99 per cent. 
During the year under review, the entire Kojamo organisation 
worked purposefully to ensure that activities such as the trans-
fer of personal data are carried out securely for both our cus-
tomers and in terms of our own operations. The development 
of internal processes and the administrative model related to 
the processing of personal data has included a sharpening of 
responsibilities, the review and clarification of data protection 
processes and increasing the entire personnel’s understanding 
of the topic. Special data protection teams began their opera-
tions at Kojamo in early 2022. They consist of an operational 
data protection team and business unit-specific data protection 
teams. We also increased data protection awareness among 
our personnel by means of regular reminders and briefings.
Additionally, we complemented our data protection efforts by 
starting partner audits during the year. 
During the year, we developed our customer communications 
on data protection rights; we made our policies and guidelines 
more easily understandable and made the key points easier to 
find by placing them at the top of the privacy policy page on 
our website. We also increased our communications regarding 
the data collected by smart functions, such as access control 
systems. 
Sustainability risks 
Kojamo’s key sustainability risks are related to climate change. 
These risks and the related risk management process are de-
scribed in more detail in the sustainability section of the Annual 
Report. 
Kojamo’s most significant strategic risks and 
their management 
Kojamo’s risk management policy is based on the company’s 
risk management policy and treasury policy, corporate govern-
ance and Code of Conduct as well as the risk assessment, 
which was carried out in December 2022 connection with the 
strategy and annual planning process. The risk assessment 
identifies the most significant risks and defines means to man-
age them. The risk assessment is updated regularly. The com-
pany’s risk management is described in more detail in the Cor-
porate Governance Statement. 
Kojamo’s most significant strategic risks and their primary risk 
management methods are described below. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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27 
Hallituksen toimintakertomus ja tilinpäätös 
RISK 
CAUSES OF THE RISK 
CONSEQUENCES 
Startegic risks 
Decreased availability of capital 
● 
Lower availability of financing due to bank-
ing regulations and/or the domestic or inter-
national economic situation 
● 
Market disruptions 
● 
Difficulty in financing investments 
● 
Refinancing of maturing loans becomes 
more difficult 
● 
Slows down investment and business 
growth 
● 
Deteriorates the prerequisites for repair 
work 
Decrease in apartment values in growth 
centres 
● 
Due to the weak economic situation or in-
flation and rising interest rates, the volumes 
of home sales and portfolio transactions 
will decrease and the prices of apartments 
will decrease, and the demand for returns 
will rise 
● 
Weakened equity ratio 
● 
Slows down investment and business 
growth 
Renting apartments becomes more diffi-
cult due to the increased supply of rental 
apartments 
● 
Investments in new rental apartments 
● 
Measures of society and cities do not sup-
port the construction of the right types of 
apartments 
● 
Property rents are priced above the local 
rental price level 
● 
Difficulty achieving results 
Reform of housing and rent legislation 
● 
Changes in 
general housing 
legislation, or 
in 
particular in rent legislation 
● 
Significant 
changes 
in 
the 
housing 
allow-
ance system 
● 
Restrictions on rent and leasing 
● 
Loss of profitability 
Demand for rental housing declines 
● 
Continuing trend of urbanization 
● 
Segregation within locations 
● 
Popularity of owner-occupied housing will 
increase 
● 
Consequences of the impact of the pan-
demic 
● 
Financial performance will deteriorate 
● 
Failure to achieve strategic growth targets 
Not getting enough investment projects 
off the ground 
● 
Increase in the level of construction costs 
● 
Incorrect assessment of project risks 
● 
No quotes received; limited resources allo-
cated to projects with better margins 
● 
Increase in yield requirements 
● 
Failure to achieve strategic growth targets 
Profile raising 
● 
Kojamo’s and Lumo’s brands are not be-
coming stronger in line with the set goal 
● 
Brand promises not redeemed 
● 
Target group not interested in the offering 
● 
Failure to meet responsibility requirements 
● 
Negative media coverage 
● 
Loss of customers 
● 
Loss of the intended benefits 
● 
Lumo rental apartments’ attractiveness and 
price-quality ratio suffers, which would have 
a negative impact on Lumo’s business and 
the listed company’s profile 
National economy is not growing 
● 
International economic situation deterio-
rates further 
● 
International financial market in difficulty 
● 
Pandemics 
● 
Decrease in residents’ ability to pay, which 
has an impact on economic performance 
(increase in vacancy rates) 
● 
Investment financing becomes more difficult 
and prevents business growth 
Suitability of services 
● 
Failure to identify customers’ needs 
● 
Failure to define customer groups 
● 
No demand for services 
● 
Weakened cash flow 
● 
Weakened financial performance 
● 
Weakened ability to create customer reten-
tion 
Failure to take advantage of the opportu-
nities presented by digitalisation 
● 
Failure to repatriate the benefits of digitali-
sation 
● 
Failure to commercialise services 
● 
Failure to involve partners in the develop-
ment of services 
● 
Organisation’s capabilities/operating meth-
ods do not meet the requirements of digital-
isation 
● 
Current technology solutions do not sup-
port digital development 
 
 
 
● 
Difficulty achieving financial results 
● 
Loss of customers 
● 
Loss of the intended benefits 
● 
Difficulties to recruit skilled staff and weak-
ened employer reputation 
● 
Loss of pioneering position 
● 
Strategy implementation slows down 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
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2022 
28 
Hallituksen toimintakertomus ja tilinpäätös 
RISK 
CAUSES OF THE RISK 
RISK MANAGEMENT METHODS 
Operating environment risks 
Amendments to legislation on energy ef-
ficiency of construction and other legisla-
tion concerning the company 
● 
New regulations, changes in regulations 
concerning construction in general and en-
ergy and carbon emissions in particular, af-
fecting the company’s operating conditions 
and profitability 
● 
Active influencing of legislative changes and 
preparing for changes and the requirements 
they bring in good time 
● 
Predictive preparation for legislative 
changes (process auditing) 
● 
Persons in charge, processes 
● 
In order to develop and maintain our own 
expertise, we must actively participate in the 
preparation of amendments to legislation 
and building regulations (e.g. working 
groups of RAKLI and the Ministry of the En-
vironment) 
● 
Training employees 
Financial irregularities, external or inter-
nal 
● 
Unidentified hazardous work combinations 
● 
Missing or inadequate controls 
● 
Too extensive access rights to systems 
● 
Insufficient and inadequate supervision in 
the supervision of work or in the review 
of 
invoices 
● 
Incomplete or unclear order or commission 
● 
Incomplete documentation 
● 
Invoice fraud 
● 
Guidance, adequate internal control and 
monitoring 
● 
Ensuring that the controls work (e.g. system 
controls for approving invoices) 
● 
Audits of operating models or internal audits 
focused on persons’ areas of responsibility 
● 
Controller functions ensure that supervisors 
have sufficient monitoring tools in place to 
identify deviations 
● 
Ensuring full use of procurement and moni-
toring systems; reserve resource guidelines 
for responsible persons for exceptional situ-
ations 
Financial risks 
Decreased availability of capital 
● 
Lower availability of financing due to bank-
ing regulations and/or the domestic or inter-
national economic situation or the capital 
debt market 
● 
Market failures, access to equity, changes 
in environmental conditions in the financial 
market 
● 
Lack of equity 
● 
The refinancing risk is mitigated by diversify-
ing the financing sources and instruments in 
the loan portfolio, spreading the maturity of 
loans and maintaining a strong balance 
sheet structure 
Rising market interest rates 
● 
Significant changes in market interest rates 
and/or interest margins and spreads 
● 
Changes can be caused by the market or 
the acceleration of inflation 
● 
The interest rate risk associated with the 
loan portfolio is managed by dividing loans 
between fixed and floating rate loans, by dif-
ferent interest rate renewal periods and by 
the use of interest rate derivatives. 
● 
In accordance with Kojamo Group’s treasury 
policy, the target hedging ratio is 50–
100%environment 
Risks related to business opera-
tions 
Not getting enough investment projects 
off the ground 
● 
Increase in the level of construction costs 
● 
Incorrect project risk assessment or incor-
rect performance calculation parameters 
● 
No quotes received; limited resources allo-
cated to projects with better margins 
● 
Changes in construction and other legisla-
tion 
● 
Purchase of plots 
● 
Design management 
● 
Increasing the efficiency of plot acquisition 
● 
Ensuring the efficiency of project develop-
ment (plan quality and lead-time) 
● 
Ensuring the efficiency of plans and designs 
● 
Ensuring the efficiency of project develop-
ment 
● 
Cooperation with partners 
● 
Ensuring the correct yield level 
Data security threats 
● 
Inadequate controls and supervision 
● 
Failure to comply with data security guide-
lines 
● 
Deficiencies in technical or administrative 
data security 
● 
Phishing 
● 
Data copying and sales 
● 
Storing data in an unlocked space 
● 
Cyber attacks 
● 
Guidelines for data security matters and 
monitoring that the guidelines are followed 
● 
Providing programmatic and technical pro-
tection to avoid mass data leaks 
● 
Instructing and monitoring that personal 
data is processed in accordance with 
Kojamo’s instructions 
● 
Systematic data protection audits. 
● 
Adequate controls and ensuring their func-
tionality 
● 
Cooperation with partners 
● 
Cyber insurance 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
29 
Hallituksen toimintakertomus ja tilinpäätös 
Physical risks caused by climate change: 
Extreme weather phenomena cause 
damage to properties, apartments and 
yard and parking areas 
● 
Decrease in the value of properties in risk 
areas 
● 
Loss of rental income in high-risk areas 
● 
Increase in maintenance costs of proper-
ties 
● 
Increase in the repair costs of properties 
● 
Failure of temperature control in apart-
ments and increasing turnover of residents 
● 
Missing the opportunity to achieve pioneer-
ship, competitive advantage and a market 
position as a responsible operator through 
progressive and proactive operations 
● 
Assessing flood-prone areas as part of the 
due diligence process 
● 
As part of the investment decision proposal 
for new projects, the risk of the site being 
lo-
cated in a flood risk area is assessed and 
the necessary measures to be taken are de-
termined 
● 
Taking extreme weather phenomena into 
account in maintenance control 
● 
Insurance policies in case of damage 
caused by extreme weather phenomena 
● 
Leanheat control to adjust the indoor tem-
peratures of apartments in accordance with 
changes in the outdoor temperature, which 
also increases resident satisfaction 
● 
Sustainability programme 
Risks caused by climate change related 
to the transition to a low-carbon society 
(technological risks, market risks) 
● 
Increasing investment costs in the transi-
tion to energy-efficient and low-carbon con-
struction in both new construction and ren-
ovation due to stricter regulations 
● 
Increasing demand for low-carbon and en-
ergy-efficient apartments 
● 
The dependence on district heating compa-
nies’ low-carbon energy production is em-
phasised; the significance of the price de-
velopment of district heating is emphasised 
● 
Emissions trading expands to the real es-
tate and construction sectors, posing a cost 
risk 
● 
EU and active monitoring of the develop-
ment of national legislation (EU taxonomy, 
Land Use and Building Act reform) 
● 
Promoting the sustainability programme and 
carbon-neutral energy consumption 
roadmap 
● 
Consideration of stricter requirements in the 
design of new construction as early as pos-
sible 
The company is unable to ensure that it 
operates responsibly with respect to the 
climate, environment, customers and 
personnel 
● 
The company does not have sufficient hu-
man resources to take care of its corporate 
responsibility at the operative level and its 
implementation into practice 
● 
Insufficient definition of what is meant by a 
sustainability programme and no clear ob-
jectives 
● 
Lack of internal and external communica-
tion 
● 
Missing or inadequate controls 
● 
Corporate Governance Code 
● 
Sustainability programme 
● 
VAETS energy efficiency programme 
● 
Operating principles and related employee 
training 
● 
Personnel and Data Security Policy 
● 
Procurement Policy and Fair Rental Practice 
● 
Lumo sponsorship and grant programme 
● 
Roadmap for carbon-neutral energy use 
Leak of confidential information concern-
ing the operations of the company; fail-
ure to collect and process customer data 
in accordance with the relevant privacy 
policy (GDPR, e-privacy) 
● 
Confidential or sensitive documents are 
stored in the wrong place or in violation of 
the right of access, contrary to instructions 
● 
Customer data is processed in violation of 
the principles of the GDPR 
● 
Customer’s rights guaranteed by GDPR 
are not respected 
● 
The processing of personal data is not 
planned, its risks are not assessed or there 
is no accountability 
● 
Processing activities are not described ac-
cording to the process before the signing of 
contracts 
● 
Guidelines for data protection and security 
matters and monitoring that the guidelines 
are followed 
● 
Data life cycle and risk management 
● 
Organising processes/projects and keeping 
responsibilities up to date 
● 
Access control 
● 
Maintenance of continuity plans and regular 
drills 
● 
Ensure the timeliness of reporting and con-
troller operations in identifying possible devi-
ations 
The operations are not efficient, doing 
the wrong things or doing things incon-
sistently 
● 
No processes critical to the operations 
have been defined or described 
● 
No general understanding of operational ef-
ficiency, responsibilities and tasks 
● 
Inconsistent organisation or organisational 
structure 
● 
Supervisory work, clear job descriptions and 
responsibilities, clear measurable goals de-
rived from the strategy, definition of key pro-
cesses and procedures 
● 
Measuring and developing one’s own way of 
working and collecting and analysing cus-
tomer feedback 
● 
Ensure sufficient controller functionality for 
measuring unit performance 
● 
Setting, prioritisation and regular monitoring 
of personal goals 
Safety risks 
Fires, water damage and vandalism on 
properties 
● 
Fires and water damage 
● 
Equipment failures caused by the prop-
erty’s equipment 
● 
Outdated or defective water pipes 
● 
Water damage or fire damage caused by 
construction defects 
● 
Consequences of power cuts 
● 
Systematic maintenance and repair activi-
ties 
● 
Operating guidelines and models (VUKO) 
● 
Appropriate proactive safety efforts 
● 
Property insurance – full value insurance 

 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
30 
Hallituksen toimintakertomus ja tilinpäätös 
Physical/psychological violence against 
staff 
● 
Customer’s aggressive behaviour 
● 
Customers with drug and substance abuse 
problems 
● 
Mental health problems 
● 
Technical safety systems (cameras and 
emergency button) 
● 
Appropriate proactive safety efforts 
● 
Safety instructions 
● 
Regular and adequate training 
● 
Insurance 
Personal injuries, e.g. slips, playgrounds 
● 
Inadequate anti-slip treatment 
● 
Inadequate snow removal/protection 
● 
Defective playground equipment 
● 
Inadequate guidelines and supervision 
● 
Clear assignment of responsibilities in 
maintenance contracts 
● 
Appropriate proactive safety efforts 
● 
Safety training 
● 
Regular and adequate supervision 
● 
Insurance 
Near-term risks and uncertainties
Kojamo estimates that the most significant near-term risks and 
uncertainties are caused by Russia’s war of aggression in 
Ukraine and its impact on the development of the economy. 
Russia’s war of aggression in Ukraine has caused economic 
uncertainty and weakened Finland’s economic growth pro-
spects. The war has pushed consumer prices up, as a result of 
which consumer purchasing power weakened and economic 
growth slowed down. The rise has been particularly sharp in 
the prices of energy and raw materials. 
The continuing war will also cause uncertainty in the coming 
months, which can have impacts on the housing market and 
property market, including apartment prices, rents and yield re-
quirements as well as on the operations of the construction 
companies. In addition, the economic sanctions and their ex-
tent may have an impact on the availability and prices of build-
ing materials. If inflation remains high, costs will generally in-
crease, which could affect Kojamo’s result and cash flow as 
well as the fair value of apartments. Rising construction costs 
may have an impact on the profitability of new development 
projects and thereby slow down development investments. 
The development of the Finnish economy may affect the hous-
ing and financial markets in exceptional ways. These factors 
may have an impact on Kojamo’s profit and cash flow as well 
as the fair value of apartments. A general downturn may lead 
to unemployment and reduce household purchasing power, 
which can affect the ability of residents to pay rent and, subse-
quently, the company’s rental income. 
The weakening of the financial markets could have a negative 
effect on the availability of financing or lead to a higher cost of 
financing. In addition, tightening monetary policy may increase 
financing costs. 
Urbanisation is expected to continue in the longer term. The 
supply of rental apartments may increase locally in the main 
areas in which Kojamo operates, and the changes in supply 
and demand could have an impact on Kojamo’s tenant turno-
ver or the financial occupancy rate and, thereby, rental in-
come.
Internal auditing 
The internal audit is responsible for the independent evaluation 
and assurance function required of a listed company, which 
systematically examines and verifies the efficiency of risk man-
agement, control, management and governance. The Audit 
Committee of Kojamo’s Board of Directors has confirmed the 
operating instructions for the internal audit function. 
Kojamo’s internal auditing was outsourced to the audit firm 
PricewaterhouseCoopers Oy in 2019 by a decision of the 
Board of Directors. Kojamo has designated the CFO and 
Group Controller to be in charge of coordinating the practical 
activities. Internal auditing operates under the authority of the 
CEO and the Audit Committee and reports its observations 
and recommendations to the Audit Committee, the CEO, the 
Management Team 
and the auditor. The auditing function co-
vers all companies and functions in the Kojamo Group. 
The auditing operations are based on risk analyses and con-
versations with the Group management related to risk man-
agement and control. Regular meetings with the auditor are 
set up in order to guarantee sufficient audit coverage and to 
avoid overlapping operations. 
Internal auditing annually draws up an auditing plan that is ap-
proved by the CEO and the Audit Committee. The auditing 
plan is modified based on risks, if necessary. 
In 2022, the main focus areas of internal auditing operations 
were related to unit audits, information security, sustainability 
and management of occupancy rate and customer satisfaction. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
31 
Hallituksen toimintakertomus ja tilinpäätös 
Group structure and changes therein 
At the end of the financial year, the legal Group comprised 380 
(352) subsidiaries and 42 (41) associates companies. 
Subsidiaries wholly owned by Kojamo plc are Lumo Kodit Oy, 
Lumo Vuokratalot Oy, 
Lumohousing 2 Oy, Lumohousing 10 
Oy, Lumohousing 11 
Oy, Lumohousing 12 Oy, 
Lumo 
Asumisen Palvelut Oy, VVO Hoivakiinteistöt Oy, 
Kojamo Hold-
ing Oy, Kotinyt Oy and Kojamo Palvelut Oy. 
In addition, 
Kojamo plc has a 50 per cent holding in SV-Asunnot Oy. 
The following companies merged with Lumo Kodit Oy on 1 
April 2022: VVOhousing 9 Oy and Lumo 2021.
Group structure 31 Dec 2022 
 
Associated 
M€ 
Subsidiaries 
companies 
Kojamo plc 
11 
1)
3 
Parent companies of sub-groups 
Lumo Kodit Oy 
357 
34 
Lumo Vuokratalot Oy 
10 
3 
2)
Lumo Asumisen Palvelut Oy 
1 
3 
Kojamo Palvelut Oy 
1 
Total 
380 
42 
¹
⁾
 
Includes the parent companies of the sub-groups and 
other subsidiaries listed 
²
⁾
 
1 of the associated company is subsidiary at 
Kojamo Group level 
Events after period
On 16 January 2023, Kojamo plc announced as a stock ex-
change release that The Shareholders’ Nomination Board of 
Kojamo plc presents to the Annual General Meeting of Kojamo 
to be held on 16 March 2023 proposal of members of the 
Board of Directors, Mikael Aro to be elected as Chairman of 
the Board and the current members Kari Kauniskangas, Anne 
Leskelä, Mikko Mursula, Catharina Stackelberg-Hammarén, 
Annica Ånäs and Andreas Segal. In addition it is proposed to 
the Annual General Meeting that Members of the Board will be 
paid the following annual fees: Chairman of the Board EUR 
72,500.00, Vice Chairman of the Board EUR 43,000.00, Mem-
bers of the Board EUR 36,000.00 and Chairman of the Audit 
Committee EUR 43,000.00. Annual fee is proposed to be paid 
as company shares and cash so that approximately 40 per 
cent of the annual fee will be paid as Kojamo plc’s shares and 
the rest will be paid in cash. In addition, the Nomination Board 
proposes that an attendance allowance of EUR 700 be paid for 
each meeting. 
On 18 January 2023, Kojamo plc announced as a stock ex-
change release that Janne Ojalehto (MBA) has been ap-
pointed as Executive Vice President and a member of Man-
agement team at Kojamo plc. 
Proposal by the Board of Directors for the distribution of profits
The parent company Kojamo plc’s distributable unrestricted 
equity on 31 Dec 2022 was EUR 251,059,319.00, of which the 
profit for the financial year amounted to EUR 37,110,542.36. 
No significant changes have taken place in the company’s fi-
nancial position since the end of the financial year. 
The Board of Directors proposes to the Annual General Mee-
ting that the distributable funds be used as follows: a dividend 
of EUR 0.39 per share to be paid, totalling EUR 
96,386,315.61, and EUR 154,673,003.39 to be retained in un-
restricted equity.

 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
32 
Hallituksen toimintakertomus ja tilinpäätös 
EPRA PERFORMANCE MEASURES 
EPRA (European Public Real Estate Association) is an advo-
cacy organisation for publicly listed European property invest-
ment companies. Kojamo is a member of EPRA. As part of its 
activities, the organisation promotes financial reporting in the 
industry and the adoption of best practices to ensure the qual-
ity of information provided to investors and improve compara-
bility between companies. Kojamo follows EPRA recommen-
dations in its reporting practices. This section covers EPRA 
performance measures and their calculation. More information 
on EPRA and EPRA recommendations is available on the 
EPRA website at www.epra.com.
EPRA performance measures 
2022 
2021 
EPRA Earnings, M€ 
158.2 
151.9 
EPRA Earnings per share (EPS), € 
0.64 
0.61 
EPRA Net Reinstatement Value (NRV), M€ 
4,825.9 
5,447.9 
EPRA NRV per share, € 
19.53 
22.04 
EPRA Net Tangible Assets (NTA), M€ 
4,825.2 
5,447.0 
EPRA NTA per share, € 
19.52 
22.04 
EPRA Net Disposal Value (NDV), M€ 
4,060.8 
4,203.0 
EPRA NDV per share, € 
16.43 
17.01 
EPRA Loan to Value (LTV), % 
43.2 
37.2 
EPRA Net Initial Yield (NIY), % 
3.7 
3.5 
EPRA 'topped-up' NIY, % 
3.7 
3.5 
EPRA Vacancy Rate, % 
8.0 
6.2 
EPRA Cost Ratio (including direct vacancy costs), 
% 
12.5 
11.9 
EPRA Cost Ratio (excluding direct vacancy costs), 
% 
8.6 
8.8 
EPRA Earnings 
M€ 
2022 
2021 
Earnings per IFRS income statement 
-399.8 
1,023.4 
(i) Change in value of investment properties, development 
properties held for investment and other interests 
682.0 
-1,105.7 
(ii) Profits or losses on disposal of investment 
properties, 
development properties held for investment and other 
interest 
-0.2 
-0.6 
(iii) Profits or losses on sales of trading properties 
including impairment charges in respect of trading 
properties 
0.0 
- 
(iv) Tax on profits or losses on disposals 
0.2 
1.1 
(vi) Changes in fair value of financial instruments and 
associated close-out costs 
-6.8 
-3.0 
(viii) Deferred tax in respect of EPRA adjustments 
-117.2 
236.7 
EPRA Earnings 
158.2 
151.9 
Average number of shares, million 
247.1 
247.1 
EPRA Earnings per share (EPS), € 
0.64 
0.61

 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
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33 
Hallituksen toimintakertomus ja tilinpäätös 
EPRA Net Asset Values 
2022 
2021 
M€ 
NRV 
NTA 
NDV 
NRV 
NTA 
NDV 
IFRS Equity attributable to shareholders 
3,842.7 
3,842.7 
3,842.7 
4,263.3 
4,263.3 
4,263.3 
Diluted NAV 
3,842.7 
3,842.7 
3,842.7 
4,263.3 
4,263.3 
4,263.3 
Diluted NAV at Fair Value 
3,842.7 
3,842.7 
3,842.7 
4,263.3 
4,263.3 
4,263.3 
Exclude: 
(v) Deferred tax in relation to fair value gains 
872.8 
872.8 
970.3 
970.2 
(vi) Fair value of financial instruments 
-52.6 
-52.6 
47.7 
47.7 
(viii.b) Intangibles as per the IFRS balance sheet 
-0.7 
-0.8 
Include: 
(ix) Fair value of fixed interest rate debt * 
218.1 
-60.3 
(xi) Real estate transfer tax 
163.0 
163.0 
166.6 
166.6 
Net Asset Value 
4,825.9 
4,825.2 
4,060.8 
5,447.9 
5,447.0 
4,203.0 
Number of shares, million 
247.1 
247.1 
247.1 
247.1 
247.1 
247.1 
NAV per share 
19.53 
19.52 
16.43 
22.04 
22.04 
17.01 
* Balance sheet at amortised cost and the fair value 
of interest-bearing loans and borrowings 
EPRA Loan to Value (LTV) 
M€ 
2022 
2021 
Include: 
Borrowings from Financial institutions 
1,226.4 
1,166.8 
Commercial paper 
30.9 
50.0 
Bond Loans 
2,338.9 
2,037.2 
Net Payables 
65.7 
68.1 
Owner-occupied property (debt) 
7.5 
9.1 
Exclude: 
Cash and cash equivalents 
-119.4 
-197.0 
Net Debt 
A 
3,550.0 
3,134.2 
Include: 
Owner-occupied property 
27.6 
28.0 
Investment properties at fair value 
7,681.2 
7,695.9 
Properties held for sale 
- 
1.1 
Properties under development 
395.2 
559.9 
Intangibles 
0.7 
0.8 
Financial assets 
104.7 
129.5 
Total Property Value 
B 
8,209.3 
8,415.1 
EPRA Loan to Value (LTV), % 
A/B 
43.2 
37.2

 
Hallituksen toimintakertomus ja tilinpäätös 
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34 
Hallituksen toimintakertomus ja tilinpäätös 
EPRA Net Initial Yield (NIY) and EPRA "topped-up" NIY 
M€ 
2022 
2021 
Investment property 
8,150.2 
8,327.5 
Trading property 
0.1 
0.1 
Developments 
-395.2 
-559.9 
Completed property portfolio 
7,755.1 
7,767.7 
Allowance for estimated purchasers’ costs 
155.1 
155.4 
Gross up completed property portfolio valuation 
B 
7,910.2 
7,923.1 
Annualised cash passing rental income 
438.9 
407.9 
Property outgoings 
-148.9 
-131.6 
Annualised net rents 
A 
290.0 
276.3 
Notional rent expiration of rent free periods or 
other lease incentives 
- 
- 
Topped-up net annualised rent 
C 
290.0 
276.3 
EPRA Net Initial Yield (NIY), % 
A/B 
3.7 
3.5 
EPRA 'topped-up' NIY, % 
C/B 
3.7 
3.5 
EPRA Vacancy Rate 
M€ 
2022 
2021 
Estimated rental value of vacant space * 
A 
33.7 
24.2 
Estimated rental value of the whole portfolio * 
B 
419.8 
390.5 
EPRA Vacancy Rate, % 
A/B 
8.0 
6.2 
* Including rental value of apartments. 
EPRA Cost Ratios (Operating expenses relative to gross rental income) 
M€ 
2022 
2021 
Include: 
(i) Administrative expense line per IFRS income 
statement 
43.1 
37.3 
(i) Maintenance expense line per IFRS income 
statement 
103.1 
96.9 
(i) Repair expense line per IFRS income statement 
30.2 
32.4 
(ii) Net service charge costs/fees 
-13.8 
-11.3 
(iii) Management fees less actual/estimated profit 
element 
-0.2 
-0.2 
(iv) Other operating income/recharges intended 
to cover overhead expenses less any related profits 
-0.3 
-0.3 
Exclude: 
(vii) Ground rent costs 
0.0 
0.0 
(viii) Service charge costs recovered through rents 
but not separately invoiced 
-128.3 
-124.6 
EPRA Costs (including direct vacancy costs) 
A 
33.8 
30.4 
(ix) Direct vacancy costs 
-10.7 
-8.0 
EPRA Costs (excluding direct vacancy costs) 
B 
23.1 
22.3 
(x) Gross Rental Income less ground rent costs - per 
IFRS 
398.5 
379.6 
(xi) Service fee and service charge costs components 
of Gross Rental Income 
-128.3 
-124.6 
Gross Rental Income 
C 
270.3 
255.1 
EPRA Cost Ratio (including direct vacancy 
costs), % 
A/C 
12.5 
11.9 
EPRA Cost Ratio (excluding direct vacancy 
costs), % 
B/C 
8.6 
8.8

 
Hallituksen toimintakertomus ja tilinpäätös 
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35 
Hallituksen toimintakertomus ja tilinpäätös 
EPRA Property-related CapEx 
M€ 
2022 
2021 
Acquisitions 
197.5 
0.8 
Development 
277.1 
338.7 
Investment properties 
No incremental lettable space 
22.5 
11.9 
Capitalised interest 
4.6 
5.4 
Total CapEx 
501.6 
356.9 
Conversion from accrual to cash basis 
3.3 
-12.4 
Total CapEx on cash basis 
504.9 
344.4 
EPRA Like-for-Like 
Like-for-Like properties consist of investment properties held for two consecutive years. 
2022 
2021 
Change 
M€ 
M€ 
M€ 
% 
Rental income 
372.3 
371.3 
1.0 
0.3 
Net rental income 
249.0 
248.1 
0.9 
0.4 
Like-for-Like investment properties 
6,320.6 
6,969.7 
2021 
2020 
Change 
M€ 
M€ 
M€ 
% 
Rental income 
363.1 
364.2 
-1.1 
-0.3 
Net rental income 
241.5 
243.9 
-2.5 
-1.0 
Like-for-Like investment properties 
6,727.9 
5,825.2

 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
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36 
Hallituksen toimintakertomus ja tilinpäätös 
FINANCIAL STATEMENTS 
This translation is a non-official version of the Financial Statements. 
Consolidated comprehensive income statement 
M€ 
Note 
1-12/2022 
1-12/2021 
Total revenue 
413.3
391.7
Maintenance expenses 
-103.1
-96.9
Repair expenses 
-30.2
-32.4
Net rental income 
280.1
262.3
Administrative expenses 
2.3 
-43.1
-37.3
Other operating income 
2.2 
3.8
4.6
Other operating expenses 
2.2 
-0.3
-0.7
Profit/loss on sales of investment properties 
2.2 
0.2
0.3
Profit/loss on sales of trading properties 
0.0
-
Profit/loss on fair value of investment properties 
3.1 
-682.0
1,105.7
Depreciation, amortisation and impairment 
2.4 
-1.2
-1.2
Operating profit/loss 
-442.5
1,333.7
Financial income 
9.6
4.8
Financial expenses 
-67.0
-59.7
Total amount of financial income and expenses 
4.2 
-57.4
-54.9
Share of result from associated companies 
0.1
0.1
Profit/loss before taxes 
-499.8
1,278.9
Current tax expense 
5.1 
-17.3
-18.8
Change in deferred taxes 
5.2 
117.2
-236.7
Profit/loss for the period 
-399.8
1,023.4
Profit/loss for the financial period attributable 
to 
shareholders of the parent company 
-399.8
1,023.4
Other comprehensive income 
Items that may be reclassified subsequently to profit or 
loss 
Cash flow hedges 
4.2 
92.4
29.1
Deferred taxes 
5.2 
-18.5
-5.8
Items that may be reclassified subsequently 
to profit or loss 
74.0
23.3
Total comprehensive income for the period 
-325.8
1,046.7
Total comprehensive income attributable to 
shareholders of the parent company 
-325.8
1,046.7
Earnings per share based on profit/loss attributable to 
shareholders of the parent company 
2.6 
Basic, € 
-1.62
4.14
Diluted, € 
-1.62
4.14
Average number of shares, million 
2.6 
247.1
247.1

 
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37 
Hallituksen toimintakertomus ja tilinpäätös 
Consolidated balance sheet 
M€ 
Note 
31 Dec 2022 
31 Dec 2021 
Assets 
Non-current assets 
Intangible assets 
6.2 
0.7
0.8
Investment properties 
3.1, 6.1 
8,150.2
8,326.4
Property, plant and equipment 
6.1, 6.3 
28.4
28.8
Investments in associated companies 
1.5
1.5
Financial assets 
4.3 
0.7
0.7
Non-current receivables 
6.4 
6.7
6.9
Derivatives 
4.5 
53.8
-
Deferred tax assets 
5.2 
1.5
10.1
Total non-current assets 
8,243.4
8,375.2
Non-current assets held for sale 
3.2 
-
1.1
Current assets 
Trading property 
3.3 
0.1
0.1
Derivatives 
4.5 
0.2
0.4
Current tax assets 
4.0
5.2
Trade and other receivables 
6.5 
11.1
8.9
Financial assets 
4.3 
104.0
128.8
Cash and cash equivalents 
119.4
197.0
Current assets total 
238.9
340.5
Total assets 
8,482.3
8,716.8
Shareholders' equity and liabilities 
Equity attributable to shareholders of the parent 
company 
Share capital 
58.0
58.0
Share issue premium 
35.8
35.8
Fair value reserve 
43.0
-31.0
Invested non-restricted equity reserve 
164.4
164.4
Retained earnings 
3,541.4
4,036.0
Equity attributable to shareholders of the parent 
company 
3,842.7
4,263.3
Total equity 
4.1 
3,842.7
4,263.3
Liabilities 
Non-current liabilities 
Loans and borrowings 
4.4, 6.1 
3,330.5
3,234.8
Deferred tax liabilities 
5.2 
873.7
981.0
Derivatives 
4.5 
1.4
47.9
Provisions 
6.6 
0.3
0.4
Other non-current liabilities 
6.6 
5.0
5.1
Total non-current liabilities 
4,210.9
4,269.3
Current liabilities 
Loans and borrowings 
4.4, 6.1 
347.7
99.7
Derivatives 
4.5 
0.0
0.3
Current tax liabilities 
2.5
5.5
Trade and other payables 
6.7 
78.5
78.7
Current liabilities total 
428.7
184.2
Total liabilities 
4,639.6
4,453.5
Total equity and liabilities 
8,482.3
8,716.8

 
Hallituksen toimintakertomus ja tilinpäätös 
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38 
Hallituksen toimintakertomus ja tilinpäätös 
Consolidated 
statement of cash flows 
M€ 
Note 
1-12/2022 
1-12/2021 
Cash flow from operating activities 
Profit/loss for the period 
-399.8
1,023.4
Adjustments 
7.1 
639.4
-795.7
Change in net working capital 
Change in trade and other receivables 
-1.6
0.5
Change in trading properties 
0.0
-
Change in trade and other payables 
-2.2
0.0
Interest paid 
-58.4
-56.6
Interest received 
1.1
0.8
Other financial items 
-0.4
-4.0
Taxes paid 
-19.0
-17.1
Net cash flow from operating activities 
159.0
151.4
Cash flow from investing activities 
Acquisition of investment properties 
3.1 
-504.9
-344.4
Acquisition of associated companies 
-0.1
-0.3
Acquisition of property, plant and equipment and intangible assets 
-0.3
-0.7
Proceeds from sale of investment properties 
1.1
2.8
Proceeds from sale of property, plant and equipment and intangible assets 
-
0.8
Purchases of financial assets 
-140.9
-95.6
Proceeds from sale of financial assets 
164.4
84.5
Non-current loans, granted 
-0.1
-
Repayments of non-current loan receivables 
0.2
0.9
Interest and dividends received on investments 
0.4
0.2
Net cash flow from investing activities 
-480.2
-351.8
Cash flow from financing activities 
Non-current loans and borrowings, raised 
450.0
534.0
Non-current loans and borrowings, repayments 
-91.6
-254.2
Current loans and borrowings, raised 
205.8
200.0
Current loans and borrowings, repayments 
-225.2
-200.0
Repayments of lease liabilities 
-1.6
-1.4
Dividends paid 
-93.9
-91.4
Net cash flow from financing activities 
243.5
186.9
Change in cash and cash equivalents 
-77.6
-13.5
Cash and cash equivalents at the beginning 
of the period 
197.0
210.5
Cash and cash equivalents at the end of 
the period 
119.4
197.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
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39 
Hallituksen toimintakertomus ja tilinpäätös 
Consolidated statement of changes in equity 
M€ 
Note
Share Capital
Share issue
premium
Fair value
reserve
Invested non
-
restricted equity
reserve
Retained
earnings
Equity attributable
to shareholders of
the parent company
Total Eguity
Equity at 1 Jan 2022 
58.0
35.8
-31.0
164.4
4,036.0
4,263.3
4,263.3
Comprehensive income 
Cash flow hedging 
74.0
74.0
74.0
Profit for the period 
-399.8
-399.8
-399.8
Total comprehensive income for the period 
74.0
-399.8
-325.8
-325.8
Transactions with shareholders 
Share-based incentive scheme 
-0.9
-0.9
-0.9
Dividend payment 
-93.9
-93.9
-93.9
Total transactions with shareholders 
-94.8
-94.8
-94.8
Total change in equity 
74.0
-494.6
-420.6
-420.6
Equity at 31 Dec 2022 
4.1 
58.0
35.8
43.0
164.4
3,541.4
3,842.7
3,842.7
M€ 
Note
Share Capital
Share issue
premium
Fair value
reserve
Invested non
-
restricted equity
reserve
Retained
earnings
Equity attributable
to shareholders of
the parent company
Total Equity
Equity at 1 Jan 2020 
 
58.0
35.8
-54.2
164.4
3,105.5
3,309.5
3,309.5
Comprehensive income 
Cash flow hedging 
23.3
23.3
23.3
Profit for the period 
1,023.4
1,023.4
1,023.4
Total comprehensive income for the period 
23.3
1,023.4
1,046.7
1,046.7
Transactions with shareholders 
Share-based incentive scheme 
-1.5
-1.5
-1.5
Dividend payment 
-91.4
-91.4
-91.4
Total transactions with shareholders 
-92.9
-92.9
-92.9
Total change in equity 
23.3
930.5
953.8
953.8
Equity at 31 Dec 2020 
4.1 
58.0
35.8
-31.0
164.4
4,036.0
4,263.3
4,263.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
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40 
Hallituksen toimintakertomus ja tilinpäätös 
Notes to the consolidated financial statements
The notes to the consolidated financial statements have been 
grouped according to their nature. The notes contain the rele-
vant financial information, the accounting policies and the key 
estimates and judgment-based decisions. 
The following table presents the notes to Kojamo’s financial 
statements and the related accounting policies. The table also 
indicates the IFRS standards on which the accounting policies 
are primarily based.
Accounting policy 
Note 
Number 
IFRS 
Income, other operating income and expenses, 
other 
receivables 
Revenue from contracts with customers, other opera-
ting income and expenses, other receivables 
2.1, 6.4, 6.5 
IFRS 15, IFRS 
9, IFRS 16 
Employee benefits and share-based payments 
Employee benefits expenses 
2.3, 7.2 
IAS 19, IFRS 2 
Earnings per share 
Earnings per share 
2.6 
IAS 33 
Investment property 
Investment property 
2.2, 3.1, 3.3, 3.4 
IAS 40, IFRS 13 
Non-current assets held for sale and discontinued 
operations 
Non-current assets held for sale 
3.2 
IAS 40, IFRS 5 
Equity and dividends 
Equity 
4.1 
IAS 32 
Interest income and expenses 
Financial income and expenses 
4.2 
IFRS 7, IFRS 9, 
IAS 32 
Financial assets and liabilities 
Financial assets and liabilities by valuation category 
4.3, 4.4, 4.6 
IFRS 9, IFRS 7, 
IFRS 13, IAS 32 
Derivative instruments and hedge accounting 
Derivatives 
4.5 
IFRS 9, IFRS 7, 
IFRS 13, IAS 32 
Current tax expense and deferred taxes 
Taxes 
5 
IAS 12 
Leases 
Leases 
2.4, 6.1 
IFRS 16 
Intangible assets 
Intangible assets 
2.4, 6.2 
IAS 36, IAS 38 
Tangible assets 
Property, plant and equipment 
2.4, 6.3 
IAS 16, IAS 36 
Provisions 
Provisions and other non-current liabilities 
6.6 
IAS 37 
Responsibilities and commitments 
Commitments and contingent liabilities related to in-
vestment properties 
3.4, 4.7 
IAS 37 
Subsidiary consolidation principles, joint arrangements 
and associated companies 
The Group’s subsidiaries, joint arrangements and as-
sociated companies 
7.3 
IFRS 10, IFRS 
11, IFRS 12, 
IAS 28 
Related party information 
Related party transactions 
7.2 
IAS 24
 
Accounting policies 
The accounting policies are described under each note in 
sections 1–7.

 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
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41 
Hallituksen toimintakertomus ja tilinpäätös 
1. Basis for presentation of the financial statements
1.1 Basic information about the Group
Name of reporting entity or other means of identification 
Kojamo plc
Domicile of entity 
Helsinki
Legal form of entity 
plc
Country of incorporation 
Finland
Address of entity's registered office 
Mannerheimintie 168, 00300 Helsinki
Principal place of business 
Finland
Description of nature of entity's operations and 
principal 
Kojamo plc is Finland’s largest market-based, private housing 
investment company that offers rental apartments and housing 
services in Finnish growth centres
Name of parent entity 
Kojamo plc
Kojamo plc is Finland’s largest market-based, private housing 
investment company that offers rental apartments and housing 
services in Finnish growth centres. Its range of apartments is 
extensive. On 31 December 2022, Kojamo owned 39,231 
rental apartments across Finland. 
A copy of the consolidated financial statements is available at 
www.kojamo.fi/en or the parent company’s head office. 
Trading in Kojamo’s shares commenced on the pre-list of 
Nasdaq Helsinki on 15 June 2018 and on the official list of 
Nasdaq Helsinki on 19 June 2018. In addition, a bond issued 
by Kojamo in 2016 is listed on the official list of Nasdaq Hel-
sinki Ltd. The Group’s five other bonds are listed on the official 
list of the Irish Stock Exchange. The Group has chosen Fin-
land as its home state for the disclosure of periodic information 
pursuant to Chapter 7, Section 3 of the Finnish Securities Mar-
ket Act. 
At its meeting on 15 Feb 2023, Kojamo plc’s Board of Direc-
tors approved these financial statements for publication. Ac-
cording to the Finnish Limited Liability Companies Act, the 
shareholders may approve or reject the financial statements in 
a General Meeting held after the publication of the financial 
statements. Moreover, the General Meeting may make a deci-
sion on altering the financial statements.
Basis of preparation 
These consolidated financial statements are prepared in ac-
cordance with International Financial Reporting Standards 
(IFRSs). All IFRSs and IASs as well as SIC and IFRIC inter-
pretations in force on 31 December 2022 and endorsed by the 
EU have been applied in preparing the financial statements. 
The International Financial Reporting Standards refer to the 
standards and associated interpretations in the Finnish Ac-
counting Act and in regulations issued under it that are en-
dorsed by the EU in accordance with the procedure laid down 
in Regulation (EC) No. 1606/2002. Kojamo has not early 
adopted any standards or interpretations. The notes to the 
consolidated financial statements are also in accordance with 
the requirements of the Finnish accounting and corporate leg-
islation supplementing the IFRS rules.
The figures in the consolidated financial statements are in 
euro, presented mainly as million euro. All the figures pre-
sented are rounded. Consequently, the sum of individual fig-
ures may deviate from the aggregate amount presented. The 
key figures have been calculated using exact values.
The consolidated financial statements are presented for the 
calendar year, which is also the reporting period for the parent 
company and the Group. All statements made in these finan-
cial statements regarding the Group or its business are based 
on the views of the management, and the sections addressing 
the general macroeconomic or industry situation are based on 
third-party information. If there are differences between differ-
ent language versions of the financial statements, the Finnish 
version is the official one. 
Investment properties, derivative instruments and financial as-
sets measured at fair value through profit or loss are measured 
at fair value after initial recognition. In other respects, the con-
solidated financial statements are prepared on the basis of 
original acquisition cost, unless otherwise stated in the ac-
counting policies.
Changes in IFRS standards and accounting poli-
cies 
New standards and interpretations applied during 
the financial year 2022 and 2021 
During the financial year 2022 issued amended standards did 
not have a significant impact on the profit for the period, finan-
cial position and the presention of the financial statement. 
Kojamo has not applied new standards or interpretations dur-
ing the financial year 2021. These and the IFRIC agenda deci-
sion on the accounting for cloud computing arrangements 
have not impact on Kojamo’s financial statements. 
New and revised standards to be applied in subse-
quent financial years 
IASB has issued new and amended standards and interpreta-
tions, the application of which is mandatory in financial years 
beginning on or after 1 January 2023. Kojamo has not applied 
these standards and interpretations in preparing these consoli-
dated financial statements. Kojamo will adopt them as of the 

 
 
 
 
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42 
Hallituksen toimintakertomus ja tilinpäätös 
effective date or, if the date is other than the first day of the fi-
nancial year, from the beginning of the subsequent financial 
year. 
The adoption of the amended standards and interpretations in 
question is not expected to have any material effects on 
Kojamo’s financial statements.
Translation of foreign currency items 
Transactions in foreign currency are recorded in EUR at the 
exchange rate on the transaction date. On the last date of the 
reporting period, monetary receivables and liabilities denomi-
nated in foreign currencies are translated into EUR at the ex-
change rate of the last date of the reporting period. Gains and 
losses arising from transactions denominated in foreign cur-
rency and from translating monetary items are recognised in 
profit or loss, and they are included in financial income and ex-
penses. Consolidated financial statements are presented in 
EUR, which is the functional and presentation currency of 
Kojamo’s parent company. 
Kojamo has very few transactions denominated in foreign cur-
rencies. Kojamo has no units abroad.
Accounting policies that require management’s judg-
ment and key sources of estimation uncertainty 
Management’s judgment related to the application of the 
accounting policies 
The preparation of financial statements in accordance with 
the IFRS requires Kojamo’s management to make judg-
ment-based decisions on the application of the accounting 
policies, as well as estimates and assumptions that affect 
the amounts of reported assets, liabilities, income and ex-
penses and the presented notes. 
Management’s judgment-based decisions affect the choice 
of accounting policies and their application. This particu-
larly applies to cases for which the current IFRSs include 
alternative recognition, measurement or presentation 
methods. 
Kojamo’s management must make judgment-based deci-
sions when applying the following accounting policies: 
● 
Classification of properties: see note 3.1. 
● 
Deferred taxes: recognition principle (investment prop-
erties), exemption concerning initial recognition and 
the recognition of deferred tax assets: see note 5.2.
Key sources of estimation uncertainty
The estimates and related assumptions are based on 
Kojamo’s historical experience and other factors, such as 
expectations concerning future events. These are consid-
ered to represent the management’s best understanding at 
the time of evaluation and believed to be reasonable con-
sidering the circumstances. The actual results may differ 
from the estimates and assumptions used in the financial 
statements. Estimates and related assumptions are regu-
larly evaluated. Changes in accounting estimates are rec-
orded for the period for which the estimate is being 
checked, if the change in the estimate concerns only that 
period. If the change in the estimate concerns both the pe-
riod in question and later periods, the change in the esti-
mate is recorded both for the period in question and the fu-
ture periods. 
The most significant section of the financial statements in 
which the management has exercised the aforementioned 
judgment, as well as the assumptions about the future and 
other key uncertainty factors in estimates at the end of the 
reporting period which create a significant risk of change in 
the carrying amounts of Kojamo’s assets and liabilities 
within the next financial year, are related to the measure-
ment of the fair value of investment properties (see note 
3.1).
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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2. Result
Total revenue
Kojamo’s revenue consists of rental income and charges 
for utilities. The revenue has been adjusted with indirect 
taxes and sales adjustment items. 
Kojamo’s revenue consists mainly of rental income from in-
vestment properties. Most of the tenancy agreements are 
non-fixed-term leases and they have a one-month notice 
period. Relating to the rental agreements, Kojamo collects 
utility charges, mainly water and sauna fees.
 
Net rental income
Net rental income is calculated by deducting property 
maintenance and repair costs from total revenue. These 
expenses comprise maintenance and annual repair costs 
arising from the regular and continuous maintenance of the 
properties and are recognised immediately in the compre-
hensive income statement.
 
Operating profit 
IAS 1 Presentation of Financial Statements does not define 
the concept of operating profit. At Kojamo, operating profit 
is defined as the net amount after adding other operating 
income to net rental income, then deducting administrative 
expenses and other operating expenses, amortisation, de-
preciation and impairment, and then adding/deducting 
gains/losses from the disposal of investment properties, 
from assessment at fair value, and from the disposal of 
trading properties. All the other comprehensive income 
statement items except those mentioned above are pre-
sented below operating profit.
 
2.1 Specification of revenue from contracts with customers
M€ 
1-12/2022 
1-12/2021 
Rental income 
398.5 
379.7 
Water fees 
13.2 
10.7 
Sauna fees 
0.6 
0.6 
Other income from service sales 
0.2 
0.2 
Total 
412.5 
391.1
Revenue consists primarily of rental income based on tenancy 
agreements. In the Group’s business, the scope of IFRS 15 in-
cludes maintenance and service revenue, which include use-
based charges collected from tenants.
 

 
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Hallituksen toimintakertomus ja tilinpäätös 
2.2 Profit/loss on sales of investment properties and Other operating 
income and expenses
Profit/loss on sales of investment properties 
M€ 
1-12/2022 
1-12/2021 
Profit on sales of investment properties 
0.2 
0.3 
Total 
0.2 
0.3
No rental apartments were sold in 2022 and 2021.
Other operating income 
M€ 
1-12/2022 
1-12/2021 
Income from construction contracting 
0.1 
- 
Income from the sales of fixed assets 
- 
0.3 
Income from debt collection 
2.8 
2.7 
Other 
0.9 
1.5 
Total 
3.8 
4.6
Other operating expenses 
M€ 
1-12/2022 
1-12/2021 
Cost on construction contracting 
0.3 
0.7 
Total 
0.3 
0.7
Auditor’s fees 
M€ 
1-12/2022 
1-12/2021 
KPMG Oy Ab 
 
Audit 
0.3 
0.3 
Tax consultancy 
0.1 
0.0 
Advisory services 
0.2 
0.1 
Total 
0.5 
0.4
 
Other operating income includes income not related to the 
actual business. It includes items such as sales profit from 
intangible assets and property, plant and equipment, as 
well as income from debt collection activities. Other oper-
ating expenses consist of expenses not related to the ac-
tual business. These items include costs related to con-
struction contracting, for example.
An existing property owned by Kojamo is considered as 
sold once the substantial risks and rewards associated 
with ownership have been transferred from Kojamo to the 
buyer. This usually takes place when control over shares 
is transferred. Income from property sales is presented in 
the comprehensive income statement under Profit/loss on 
sales of investment properties.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
2.3 Employee benefits expenses
M€ 
1-12/2022 
1-12/2021 
Salaries and wages 
17.0 
15.4 
Share-based incentive plan 
0.8 
1.0 
Funded pension plans 
0.2 
0.2 
Defined contribution pension plans 
2.9 
2.7 
Other social security costs 
0.6 
0.5 
Total 
21.5 
19.8
31 Dec 2022 
31 Dec 2021 
Number of personnel, average for the financial 
year 
316 
321
Information on the remuneration of key management person-
nel is provided in note 7.2 Related party transactions.
Kojamo’s employee benefits include the following: 
● 
short-term employee benefits 
● 
post-employment benefits (pension plans) 
● 
termination benefits (benefits provided in exchange 
for the termination of employment) 
● 
other long-term employee benefits and 
● 
share-based payments.
Short-term employee benefits 
Wages, salaries, fringe benefits, annual leave and bo-
nuses are included in short-term employee benefits and 
are recognised in the period in which the work is per-
formed. Kojamo’s employees are included in an annual 
performance bonus system which is based on the 
achievement of the company’s general targets as well as 
personal targets.
Post-employment benefits (pension plans) 
Post-employment benefits are payable to employees after 
the completion of employment. At Kojamo, these benefits 
are related to pensions. Pension coverage at Kojamo is 
arranged through external pension insurance companies. 
Pension schemes are classified as defined contribution 
and defined benefit plans. A defined contribution plan is a 
pension plan under which Kojamo pays fixed contributions 
into a separate entity. Kojamo has no legal or constructive 
obligations to pay further contributions if the payee does 
not hold sufficient assets to pay out all pension benefits. 
Pension plans that are not defined contribution plans are 
defined benefit plans. Payments made into defined contri-
bution schemes are recognised through profit and loss in 
the periods that they concern.
Termination benefits (benefits provided in exchange 
for the termination of employment) 
Termination 
benefits are not based on work performance 
but the termination of employment. These benefits consist 
of severance payments. Termination 
benefits result either 
from Kojamo’s decision to terminate the employment or 
the employee’s decision to accept the benefits offered by 
Kojamo in exchange for the termination of employment.
Other long-term employee benefits 
Kojamo has a remuneration scheme that covers the entire 
personnel, entitling them to benefits after a specific num-
ber of years of service. The discounted present value of 
the obligation resulting from the arrangement is recog-
nised as a liability in the balance sheet on the last day of 
the reporting period.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
2.4 Depreciation, amortisation and impairment
Amortisation and depreciation by asset group 
M€ 
1-12/2022 
1-12/2021 
Intangible assets 
0.2 
0.1 
Property, plant and equipment 
0.6 
0.6 
Right-of-use assets 
0.4 
0.4 
Total 
1.2 
1.2
No impairment was recognised on intangible assets, property, 
plant and equipment and right-of-use assets in the financial 
years 2021 and 2022.
2.5 Research and development expenditure 
Research and development expenditure recognised as ex-
penses totalled EUR 1.2 (1.2) million in 2022. Development 
activities focus on the development of product concepts, im-
provement of digital services and renewal of information sys-
tems. 
Kojamo’s capitalised development expenses amount to EUR 
0.6 (0.7) million.
Development expenses 
Kojamo capitalises development expenses as intangible as-
sets when it can be shown that a development project will 
generate a probable future economic benefit and the costs 
attributable to the development stage can be reliably meas-
ured. Other development costs are recognised as expenses 
when they are incurred.
2.6 Earnings per share
 
1-12/2022 
1-12/2021 
Profit/loss for the period attributable to shareholders 
of the parent company, M€ 
-399.8 
1,023.4 
Weighted average number of shares during the period 
(million) 
247.1 
247.1 
Earnings per share 
Basic, € 
-1.62 
4.14 
Diluted, € 
-1.62 
4.14
The company has no diluting instruments.
 
 
 
Basic earnings per share is calculated by dividing the profit 
for the financial year attributable to equity holders of the 
parent company by the weighted average number of 
shares outstanding during the financial year.
Share-based payments 
Kojamo has a long-term share-based incentive plan for 
the Group’s key employees. The reward is based on 
reaching the targets set for Kojamo’s key business criteria 
in relation to the Group’s strategic goals. The reward is 
recognised in Kojamo’s result for each earnings period, 
and an increase corresponding to the expensed amount is 
recognised in equity. More information on the arrange-
ments is provided in note 7.2 Related party transactions.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
3. Real estate property 
Kojamo classifies its property portfolio into investment proper-
ties, trading properties and investment properties held for sale. 
Kojamo’s property portfolio consists practically entirely of in-
vestment properties. The Group also has a small amount of 
trading properties. 
3.1 Investment properties
M€ 
31 Dec 2022 
31 Dec 2021 
Fair value of investment properties on 1 Jan ¹
⁾
8,327.5 
6,863.1 
Acquisition of investment properties ¹
⁾
 
²
⁾
478.9 
343.7 
Modernisation investments 
22.5 
11.9 
Disposals of investment properties 
-1.3 
-2.5 
Capitalised borrowing costs 
4.6 
5.4 
Transfer from property, plant and equipment 
- 
0.0 
Profit/loss on fair value of investment properties ¹
⁾
-682.0 
1,105.7 
Fair value of investment properties at the end 
of the period 
8,150.2 
8,327.5 
The value of investment properties includes EUR 0.0 
(1.1) million in Investment properties held for 
sale 
¹
⁾
 
Includes leases for plots of land. The net result 
on the valuation of investment 
properties at fair value was mainly attributable 
to changes in yields. 
²
⁾
 
Includes the existing apartment stock and the acquisition 
costs of new projects under construction
Right-of-use assets included in the fair values of investment properties (plots of land) 
M€ 
31 Dec 2022 
31 Dec 2021 
Fair value on 1 Jan 
70.6 
67.4 
Increases/decreases 
4.3 
4.2 
Profit/loss on fair value of investment properties 
-1.1 
-1.0 
Fair value of investment properties at the end 
of the period 
73.8 
70.6
Modernisation investments are often significant and they are 
primarily related to repairs and renovations of plumbing, fa-
cades, roofs, windows and balconies. The expected average 
technical useful lives of the plumbing systems, facades, roofs 
and balconies of residential properties are taken into consider-
ation in the planning of modernisation investments. 
Capitalised borrowing costs totalled EUR 4.6 (5.4) million. The 
interest rate applied to capitalised borrowing costs was 1.8 
(1.8) per cent. 
Kojamo acquired a total of 985 (0) rental apartments in 2022, 
all of which in Finnish growth centres.
Fair value of investment properties by valuation method 
M€ 
31 Dec 2022 
31 Dec 2021 
Yield value * 
7,535.3 
7,610.3 
Acquisition cost 
541.0 
646.5 
Right-of-use assets (plots of land) 
73.8 
70.6 
Total 
8,150.2 
8,327.5 
* Including properties valued at the cash flow 
based valuation method (DCF) EUR 7,496.4 million 
and other yield-based valued items EUR 39.0 
million
Number of apartments 
31 Dec 2022 
31 Dec 2021 
Yield value 
37,551 
34,858 
Acquisition cost * 
1,680 
2,039 
Total 
39,231 
36,897 
* Includes 4 apartments as part of development 
projects
Kojamo has used the following average parameters when ap-
plying the yield-based valuation method:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
Average valuation parametres 
31 Dec 2022 
Capital 
Other regions 
Group 
region 
of Finland 
total 
Unobservable inputs: 
Yield requirement, weighted, % 
3.56 
4.92 
3.97 
Inflation assumption, % 
1.8 
1.8 
1.8 
Market rents, weighted by square metres, €/m²/month 
20.08 
15.53 
17.97 
Property maintenance expenses, repairs and modernisation 
investments €/m²/month 
6.77 
6.52 
6.65 
10-year average financial occupancy rate, % 
97.5 
96.6 
97.2 
Rent increase assumption, % 
2.3 
2.0 
2.2 
Expense increase assumption, % 
2.3 
2.3 
2.3 
31 Dec 2021 
Capital 
Other regions 
Group 
region 
of Finland 
total 
Unobservable inputs: 
Yield requirement, weighted, % 
3.25 
4.62 
3.67 
Inflation assumption, % 
1.5 
1.5 
1.5 
Market rents, weighted by square metres, €/m²/month 
19.40 
15.03 
17.31 
Property maintenance expenses, repairs and modernisation 
investments €/m²/month 
6.22 
6.09 
6.16 
10-year average financial occupancy rate, % 
97.5 
96.6 
97.2 
Rent increase assumption, % 
2.0 
1.7 
1.9 
Expense increase assumption, % 
2.0 
2.0 
2.0
Sensitivity analysis for measuring the fair value of investment properties 
Properties measured at yield value 
31 Dec 2022 
Change % (relative) 
-10% 
-5% 
0% 
5% 
10% 
Change, M€ 
Yield requirement 
840.1 
397.8 
-359.6 
-686.3 
Market rents 
-961.0 
-480.5 
480.5 
961.0 
Maintenance costs 
329.7 
164.8 
-164.8 
-329.7 
Change % (absolute) 
-2% 
-1% 
0% 
1% 
2% 
Change, M€ 
Financial occupancy rate 
-197.7 
-98.8 
98.8 
197.7 
Properties measured at yield value 
31 Dec 2021 
Change % (relative) 
-10% 
-5% 
0% 
5% 
10% 
Change, M€ 
Yield requirement 
845.3 
400.3 
-361.9 
-690.7 
Market rents 
-950.0 
-475.0 
475.0 
950.0 
Maintenance costs 
304.1 
152.1 
-152.1 
-304.1 
Change % (absolute) 
-2% 
-1% 
0% 
1% 
2% 
Change, M€ 
Financial occupancy rate 
-195.4 
-97.7 
97.7 
195.4
Kojamo has acquisition agreements related to new develop-
ment and renovations, presented in note 3.4.

 
 
 
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49 
Hallituksen toimintakertomus ja tilinpäätös 
Fair value measurement of investment property 
In Kojamo’s consolidated financial statements, the deter-
mination of the fair value of investment property is the key 
area that involves the most significant uncertainty factors 
arising from the estimates and assumptions that have 
been used. The determination of the fair value of invest-
ment property requires significant management discretion 
and assumptions, particularly with respect to market 
prices and amounts of future rental income. Estimates 
and assumptions are particularly related to the future de-
velopment of yield requirements, vacancy rates and rent 
levels. 
Kojamo uses valuation techniques that are appropriate 
under those circumstances, and for which sufficient data 
is available to measure fair value. Kojamo aims to maxim-
ise the use of relevant observable inputs and minimise the 
use of unobservable inputs.
Investment properties 
Investment property refers to an asset (land, building or 
part of a building) that Kojamo retains to earn rental in-
come or capital appreciation, or both. An investment prop-
erty can be owned directly or through an entity. Properties 
used for administrative purposes are owner-occupied 
property and included in the balance sheet line item 
“Property, plant and equipment”. An investment property 
generates cash flows largely independently of the other 
assets held by an entity. This distinguishes investment 
property from owner-occupied property. 
Kojamo’s investment property portfolio consists of the 
completed properties, properties under construction and 
renovation, leased plots (right-of-use assets) and the plot 
reserve. Properties classified as trading properties as well 
as properties classified as held for sale are included in the 
Group’s property portfolio but excluded from the balance 
sheet item “Investment properties”. A property is reclassi-
fied from “Investment properties” under “Trading proper-
ties” in the event of a change in the use of the property, 
and under “Investment property held for sale”, when the 
sale of an investment property is deemed highly probable. 
An investment property is derecognised from the balance 
sheet on disposal or when the investment property is per-
manently withdrawn from use and no future economic 
benefits are expected from its disposal. Capital gains and 
losses on disposals are presented netted as a separate 
line item in the comprehensive income statement.
Restrictions on investment properties 
Some of the investment properties are subject to legisla-
tive divestment and usage restrictions. The so-called non-
profit restrictions apply to the owning company, and the 
so-called property-specific restrictions apply to the invest-
ment owned. The non-profit restrictions include, among 
other things, permanent restrictions on the company’s op-
erations, distribution of profit, lending and provision of col-
lateral, and the divestment of investments. The property-
specific restrictions include fixed-term restrictions on the 
use of apartments, the selection of residents, the determi-
nation of rent and the divestment of apartments.

 
 
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50 
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Measurement of investment property 
Investment property is measured initially at acquisition 
cost, including related transaction costs, such as transfer 
taxes and professional fees, as well as capitalised ex-
penditure arising from eligible modernisation. The acquisi-
tion cost also includes related borrowing costs, such as 
interest costs and arrangement fees, directly attributable 
to the acquisition or construction of an investment prop-
erty. The capitalisation of borrowing costs is based on the 
fact that an investment property is a qualifying asset, i.e. 
an asset that necessarily takes a substantial period of 
time to get ready for its intended use or sale. The capitali-
sation commences when the construction of a new build-
ing or extension begins and continues until such time as 
the asset is substantially ready for its intended use or 
sale. Capitalisable borrowing costs are either directly at-
tributable costs accrued on the funds borrowed for a con-
struction project or costs attributable to a construction pro-
ject. 
After initial recognition, investment property is measured 
at fair value and the changes in fair value are recognised 
through profit or loss in the period in which they are ob-
served. Fair value gains and losses are presented netted 
as a separate line item in the comprehensive income 
statement. Fair value refers to the price that would be re-
ceived from selling an asset, or paid for transferring a lia-
bility, in an ordinary transaction between market partici-
pants on the measurement date. The valuation tech-
niques used by Kojamo are described below. 
The value of investment properties is assessed internally 
at Kojamo on a quarterly basis. The results of the assess-
ment are reported to the Management Group, Audit Com-
mittee and Board of Directors. The measurement process, 
market conditions and other factors affecting the assess-
ment of the fair value of properties are reviewed quarterly 
with the CEO and CFO in accordance with Kojamo’s re-
porting schedule. Each quarter, an external independent 
expert issues a statement on the valuation methods ap-
plied in the valuation of rental apartments and business 
premises owned by Kojamo as well as on the quality and 
reliability of the valuation. A statement on the situation as 
at 31 December 2022 is available on Kojamo’s website.
Fair value hierarchy
Inputs used in determining fair values (used in the valua-
tion techniques) are classified on three levels in the fair 
value hierarchy. The fair value hierarchy is based on the 
source of inputs. 
Level 1 inputs 
Quoted prices (unadjusted) in active markets for identical 
investment property. 
Level 2 inputs 
Inputs other than quoted prices included within Level 1 
that are observable for the investment property, either di-
rectly or indirectly. 
Level 3 inputs 
Unobservable inputs for investment property. 
An investment property measured at fair value is catego-
rised in its entirety in the same level of the fair value hier-
archy as the lowest level input that is significant to the en-
tire measurement. The fair value measurement for all of 
the investment property of Kojamo has been categorised 
as a Level 3 fair value, as observable market information 
for the determination of fair values has not been available.

 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
Valuation techniques 
The fair values of investment properties measured by 
Kojamo are based on transaction value or balance sheet 
value (acquisition cost). 
Income value (yield value) 
The measurement of value is based on 10-year 
discounted cash flow (DCF) calculations, in which the 
terminal value of the property is calculated based on 
direct capitalisation and net yield in year 11. The discount 
rate is the 10-year cash flow yield requirement plus 
inflation. 
On completion, newly developed properties are moved 
from balance sheet value measurement to yield value 
measurement in the quarter they are completed in. The 
development margin, if any, is recognised as income in 
connection with this transition. 
Completed properties acquired by the Group are 
measured in their first quarter using the acquisition cost 
and subsequently using the yield value method. 
The yield value method is used to measure the value of 
properties that are not subject to restrictions. 
The yield value method is also used to measure the value 
of properties that can be sold as entire properties but not 
apartment by apartment due to restrictions stipulated by 
the legislation concerning state-subsidised rental housing. 
The disposal of such properties is only possible when the 
entire property is sold, and it must be sold to a party that 
will con-tinue to use the property for the provision of rental 
housing until the restrictions expire. The rents for such 
properties can be set freely. The yield value method is 
used to meas-ure the value of properties that belong to 
the following re-striction groups: free of restrictions, 
subject to extension restrictions, 20-year interest subsidy, 
10-year interest subsidy. 
The yield requirements are analysed on a quarterly basis 
in connection with valuation. The determination of the 
yield requirement is based on the size of the municipality. 
In larger cities, several area-specific yield requirements 
are determined while, in smaller cities, the yield 
requirement is set at the municipal level. The yield 
requirement for terraced houses is increased by 20 
percentage points. Properties with a particularly large 
proportion of premises that are not in residential use (in 
excess of 40% of the total floor area) are analysed 
separately. 
The change in yield requirement based on the age of the 
property is as follows: more than 15 years from 
completion or renovation +12.5%, more than 30 years 
from completion or renovation +22.5%.
Provision for modernisation investments: 
Age of the property or the 
number of years since the 
completion of the most 
recent renovation 
Provision 
(€/m
2
/month)
0-10 years 
0.25 
11-30 years 
1.00 
31-40 years 
1.50 
>40 years 
2.00 
Provisions for modernisation investments are used in 10-
year discounted cash flow calculations.
Acquisition cost (balance sheet value) 
The balance sheet value is used for the measurement of 
residential and commercial properties whose disposal 
price is restricted under 
the legislation governing state-
subsidised rental properties, meaning that their disposal 
price cannot be determined freely. In addition, the setting 
of rents for such properties is, as a rule, based on the cost 
principle, which means that the rent levels cannot be de-
termined freely. 
The balance sheet value method is used to measure the 
value of properties that belong to the following restriction 
groups: ARAVA 
(state-subsidised rental properties), and 
40-year interest subsidy. 
The fair value of property development projects, the plot 
reserve and shares and holdings related to investment 
properties is their original acquisition cost.

 
 
 
 
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52 
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3.2 Non-current assets held for sale 
Kojamo’s non-current assets held for sale totalled EUR 0.0 
(1.1) million at the end of the financial year. The asset item in 
31 December 2021 consisted of one plot of land that was sold 
on 8 June 2022.
3.3 Trading properties 
The value of Kojamo’s trading property shares amounted to 
EUR 0.1 (0.1) million at the end of the financial year. 
A 
write-down of EUR 0.0 million has made on the trading prop-
erties during the financial year.
Trading properties include properties meant for sale that 
do not meet Kojamo’s objectives due to their location, type 
or size. A property is reclassified from the balance sheet 
item “Investment properties” under “Trading properties” in 
the event of a change in the use of the property. This is ev-
idenced by the commencement of development with a view 
to sale. If an investment property is being developed with a 
view to a sale, it will be accounted for as a trading prop-
erty. 
Trading properties are measured at the lower of the acqui-
sition cost or the net realisation value. The net realisation 
value is the estimated selling price in the ordinary course 
of business deducted by the estimated costs necessary to 
make the sale. If the net realisation value is lower than the 
carrying amount, an impairment loss is recognised. 
When a trading property becomes an investment property 
measured at fair value, the difference between the fair 
value on the transfer date and its previous carrying amount 
is recognised in the income statement under “Profit/loss on 
sales of trading properties”. 
Kojamo’s trading properties include mainly individual apart-
ments ready for sale, business premises and parking facili-
ties that are meant for sale but have not been sold by the 
balance sheet date.
Business combinations and asset acquisition 
Acquisitions of investment properties by Kojamo are ac-
counted for as an acquisition of asset or a group of as-
sets, or a business combination within the scope of IFRS 
3 
Business Combinations
. Reference is made to IFRS 3 
to determine whether a transaction is a business combi-
nation. This requires the management’s judgment. 
IFRS 3 is applied to the acquisition of investment property 
when the acquisition is considered to constitute an entity 
that is treated as a business. Usually, a single property 
and its rental agreement does not constitute a business 
entity. To 
constitute a business entity, the acquisition of 
the property should include acquired operations and peo-
ple carrying out these operations, such as marketing of 
properties, management of tenancies and property repairs 
and renovation. 
The consideration transferred in the business combination 
and the detailed assets and accepted liabilities of the ac-
quired entity are measured at fair value on the acquisition 
date. Goodwill is recognised at the amount of considera-
tion transferred, interest of non-controlling shareholders in 
the acquiree and previously held interest in the acquiree 
minus Kojamo’s share of the fair value of the acquired net 
assets. Goodwill is not amortised, but it is tested for im-
pairment at least annually. 
Acquisitions that do not meet the definition of business in 
accordance with IFRS 3 are accounted for as asset acqui-
sitions. In this event, goodwill or deferred taxes, etc., are 
not recognised.
If the sale of an operative rental investment property is 
deemed highly probable, such a property is transferred 
from the balance sheet item “Investment property” to “In-
vestment property held for sale”. On that date, the carry-
ing amount of the property is considered to be recovered 
principally through a sale transaction rather than through 
continuing use in rental. For a property to be classified as 
held for sale, the sale must be deemed highly probable 
and the investment property must be immediately salable 
in its current condition under general and ordinary terms 
of sale, the management must be committed to an active 
plan to sell the property, Kojamo must have initiated a 
project to find a buyer and complete the plan, the property 
must be actively marketed at a price that is reasonable in 
relation to its fair value and the sale must be expected to 
be completed within 12 months of the classification. 
Investment properties classified as held for sale are 
measured at fair value (fair value hierarchy level 3).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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53 
Hallituksen toimintakertomus ja tilinpäätös 
3.4 Commitments and contingent liabilities related to investment 
properties 
Acquisition agreements related to investments
Unrecognised acquisition agreements related to work in progress 
M€ 
31 Dec 2022 
31 Dec 2021 
New development under construction 
145.1 
267.6 
Preliminary agreements for new construction 
48.7 
122.9 
Renovation 
27.6 
2.9 
Total 
221.4 
393.4
Other liabilities
Value added tax refund liabilities 
M€ 
31 Dec 2022 
31 Dec 2021 
Value added tax refund liabilities 
4.6 
2.9
Land purchase liabilities 
M€ 
31 Dec 2022 
31 Dec 2021 
Transaction prices based on target building rights and draft 
plans 
13.5 
5.9 
Liabilities for municipal infrastructure 
3.7 
5.2
Information on collateral related to financing is presented in 
note 4.7. 
Construction liability 
The land use agreement related to the zoned areas Suurpelto I 
and II in Espoo is subject to schedules for construction sanc-
tioned with delay penalties. 
The zoned areas are divided into three execution areas in the 
agreement. Kojamo holds building rights in these areas as fol-
lows: area 2 – 10,350 (10,350) floor sq.m. and area 3 – 3,200 
(7,600) floor sq.m. The agreement stipulates that all of the res-
idential building rights have to be used up by November 2013 
in area 2 and by November 2016 in area 3. This schedule has 
not been fully met. The delay penalty is graded based on the 
period of delay and can at most, if the delay has continued for 
at least five years, be equal to half of the land use payments in 
accordance with the agreement. According to the agreement, 
the City of Espoo may, should circumstances change, lower 
the penalty or waive it altogether. 
Certain plots are subject to a schedule for construction sanc-
tioned with delay penalties. These plots are located in Helsinki. 
Some of the plots located in Vantaa include an obligation re-
lated to the form of ownership and financing sanctioned with 
contractual penalties. 
Some plots located in the City of Helsinki are subject to an ob-
ligation to use them for rental housing. There is a contractual 
penalty for breaching this obligation.
Disputes 
Kojamo has some individual disputes pending, but the com-
pany considers them to be of negligible value.
Other commitments 
Lumo Kodit Oy, a subsidiary of Kojamo, finalised the purchase 
of properties located in Helsinki at Onnentie 18, Sofianlehdon-
katu 5, Tukholmankatu 10, Agricolankatu 1–3, Albertinkatu 40–
42, Abrahaminkatu 1–3 and Bulevardi 31 from the City of Hel-
sinki on 16 October 2017. Under the terms of the agreement, 
the fixed sales price is set at EUR 80.9 million, as determined 
by a valuation based on existing building rights to develop fur-
ther commercial provision. The additional purchase prices are 
determined on the basis of the actual uses and additional floor 
area when the building permit for each site has been ap-
proved. The city plan has entered into force in the properties at 
Abrahaminkatu 1–3, Bulevardi 31 and Agricolankatu 1. The 
building permit has entered into force at Bulevardi 31.
A contingent liability is a potential obligation resulting of 
past events and may be incurred depending on the out-
come of an uncertain future event that is beyond the 
Group’s control (such as the result of pending legal pro-
ceedings). In addition, an existing obligation that will proba-
bly not require meeting the liability to pay or the amount of 
which cannot be reliably determined is considered as a 
contingent liability. Contingent liabilities are presented in 
the notes.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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54 
Hallituksen toimintakertomus ja tilinpäätös 
4. Financing and equity
4.1 Equity 
The following table shows changes in the number of shares 
and changes in equity items:
M€ 
Number of shares (mil-
lion)
Share capital
Share issue
premium
Fair value
reserve
Reserve for
invested 
unrestricted 
equity
Retained
earnings
Equity attributable
to shareholders of 
the parent company
Equity
in total
1 Jan 2022 
247.1 
58.0 
35.8 
-31.0 
164.4 
4,036.0 
4,263.3 
4,263.3 
Transactions with shareholders 
-94.8 
-94.8 
-94.8 
Profit for the financial period 
-399.8 
-399.8 
-399.8 
Other comprehensive income 
74.0 
74.0 
74.0 
31 Dec 2022 
247.1 
58.0 
35.8 
43.0 
164.4 
3,541.4 
3,842.7 
3,842.7
M€ 
Number of shares (mil-
lion)
Share capital
Share issue
premium
Fair value
reserve
Reserve for
invested 
unrestricted equity
Retained
earnings
Equity attributable
to shareholders of 
the parent company
Equity
in total
1 Jan 2021 
247.1 
58.0 
35.8 
-54.2 
164.4 
3,105.5 
3,309.5 
3,309.5 
Transactions with shareholders 
 
 
-92.9 
-92.9 
-92.9 
Profit for the financial period 
1,023.4 
1,023.4 
1,023.4 
Profit for the financial period 
23.3 
23.3 
23.3 
31 Dec 2021 
247.1 
58.0 
35.8 
-31.0 
164.4 
4,036.0 
4,263.3 
4,263.3
Kojamo plc has one share class. The share has no nominal 
value. All issued shares have been paid for in full. The number 
of shares issued as at 31 December 2022 was 247,144,399. 
Each share entitles its holder to one vote at the General Meet-
ing of Shareholders. There are no voting restrictions related to 
the shares. All shares carry an equal right to dividends and 
other distribution of Kojamo plc’s assets. 
Kojamo was listed on the Nasdaq Helsinki Stock Exchange in 
June 2018. In connection with the listing, Kojamo issued 
17,665,039 new shares.
Description of equity funds: 
Share premium reserve 
Kojamo plc has no such instruments in force that would accrue 
a share premium under the Limited Liability Companies Act 
currently in effect. The share premium was generated under 
the previous Limited Liability Companies Act. 
Fair value reserve 
The fair value reserve contains the changes in fair values of 
the derivatives used to hedge cash flow. 
Invested non-restricted equity reserve 
The reserve for invested unrestricted equity contains equity in-
vestments and that part of the share subscription price that 
has not specifically been allocated to share capital.
 
Dividends 
Kojamo’s objective is to be a stable dividend payer whose an-
nual dividend payment will be at least 60 per cent of FFO, pro-
vided that the Group’s equity ratio is 40 per cent or more and 
taking account of the company’s financial position. A dividend 
of 
0.38
 
per share was paid in EUR 2022. After the balance 
sheet date, 31 December 2022, 
the Board of Directors has 
proposed that a dividend of EUR 
0.39
 
be paid per share.
Restrictions related to Kojamo’s equity 
Kojamo’s retained earnings for 2022, EUR 3,541.4 (4,036.0) 
million, include a total of EUR 133.7 (161.0) million of equity 
subject to profit distribution restrictions relating to non-profit 
operations. Equity subject to profit distribution restrictions in-
cludes the measurement of investment property at fair value. 

 
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55 
Hallituksen toimintakertomus ja tilinpäätös 
Current authorisations 
Kojamo’s Annual General Meeting on 16 March 2022 author-
ised the Board of Directors to decide on the repurchase and/or 
acceptance as pledge of an aggregate maximum of 
24,714,439 of the company’s own shares according to the pro-
posal of the Board of Directors. The proposed amount of 
shares corresponds to approximately 10 per cent of all the 
shares of the company. The authorisation will remain in force 
until the closing of the next Annual General Meeting, however 
no longer than until 30 June 2023. The Board has not used the 
authorisation. 
The Board of Directors was also authorised to decide on the 
issuance of shares and the issuance of special rights entitling 
to shares as referred to in Chapter 10, Section 1 of the Com-
panies Act according to the proposal of the Board of Directors. 
The number of shares to be issued on the basis of the authori-
sation shall not exceed an aggregate maximum of 24,714,439 
shares, which corresponds to approximately 10 per cent of all 
the shares of the company. The authorisation applies to both 
the issuance of new shares and the conveyance of own shares 
held by the company. The authorisation will remain in force un-
til the closing of the next Annual General Meeting, however no 
longer than until 30 June 2023. The Board has not used the 
authorisation. 
Furthermore, the Annual General Meeting authorized the 
Board of Directors to resolve in its discretion on the payment of 
dividend as follows: 
The amount dividend to be paid based on the authorization 
shall not exceed EUR 1.00 per share. The authorization was 
valid until 31 December 2022. The Board has not used the 
authorisation.
 
An equity instrument is any contract that demonstrates a 
residual interest in Kojamo’s assets after deducting all of 
its liabilities. The share capital consists of the parent com-
pany’s ordinary shares classified as equity. Transaction 
costs directly attributable to the issue of new shares are 
presented in equity as a deduction, net of tax, from the 
proceeds.
 
Where any Group company purchases parent company’s 
shares (treasury shares), the consideration paid, including 
any directly attributable transaction costs (net of taxes), is 
deducted from equity attributable to the owners of the par-
ent company, until the shares are cancelled or reissued. 
Where such shares are subsequently sold or reissued, 
any consideration received, net of any directly attributable 
transaction costs and net of taxes, is directly recognised 
in equity attributable to the owners of the parent company.
Dividend distribution to the parent company’s sharehold-
ers is recognised as a liability in the consolidated balance 
sheet in the period in which the dividends are approved 
by the company’s General Meeting of Shareholders.
Some of the Group companies are subject to revenue 
recognition restrictions under the non-profit provisions of 
housing legislation, according to which an entity cannot 
pay its owner more than the profit regulated by housing 
legislation. The companies in question can pay their 
owner a four per cent return on own funds invested in 
them that have been confirmed by the Housing Finance 
and Development Centre of Finland (ARA).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
4.2 Financial income and expenses
Items recognised through profit or loss 
M€ 
1-12/2022 
1-12/2021 
Interest income 
1.6 
1.1 
Valuation changes on financial assets recognised at fair value through profit or 
loss 
7.6 
3.5 
Gains on the disposal of financial assets recognised 
at fair value through profit or loss 
0.1 
- 
Other financial income 
0.2 
0.2 
Financial income, total 
9.6 
4.8 
Interest expenses 
Interest expenses on financial liabilities measured at 
amortised cost 
-49.5 
-38.6 
Interest expenses on interest rate derivatives 
-9.9 
-15.0 
Interest expenses on lease agreements 
-2.7 
-2.6 
Valuation changes on financial assets recognised at fair value through profit or loss 
-2.3 
-0.3 
Losses on the disposal of financial assets recognised 
at fair value through profit or loss 
0.0 
0.0 
Other financial expenses 
-2.6 
-3.1 
Financial expenses, total 
-67.0 
-59.7 
Financial income and expenses, total 
-57.4 
-54.9 
Other comprehensive income 
M€ 
1-12/2022 
1-12/2021 
Cash flow hedges 
92.4 
29.1 
Total 
92.4 
29.1
The changes to cash flow hedging come from interest rate de-
rivatives.
Interest income 
Interest income is recognised over time using the effective 
interest method.
Dividend income 
Dividend income is recognised when the right to receive 
payment has arisen.
Borrowing costs 
Borrowing costs are usually recognised as financial costs 
in the financial year during which they are incurred. How-
ever, borrowing costs attributable to qualifying assets, that 
is, mainly borrowing costs attributable to Kojamo’s invest-
ment properties, such as interest costs and arrangement 
fees, directly resulting from the acquisition or construction 
of the above assets, are capitalised as part of the cost of 
the asset. The capitalisation principles of borrowing costs 
are described in more detail under the accounting policies 
concerning investment properties in section 3.1 Invest-
ment properties. 
Transaction costs directly attributable to the acquisition of 
loans that can be allocated to a particular loan are in-
cluded in the loan’s original amortised cost and allocated 
as financial expenses using the effective interest method.

 
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Hallituksen toimintakertomus ja tilinpäätös 
4.3 Financial assets and liabilities by valuation category
31 Dec 2022 
Carrying 
Fair value 
M€ 
value total 
LEVEL 1 
LEVEL 2 
LEVEL 3 
total 
Financial assets 
Measured at fair value 
Interest rate derivatives 
54.0 
54.0 
54.0 
Financial assets recognised at fair value 
through profit or loss 
104.7 
84.1 
19.9 
0.7 
104.7 
Measured at amortised cost 
Cash and cash equivalents 
119.4 
119.4 
119.4 
Trade receivables 
6.4 
6.4 
Financial liabilities 
Measured at fair value 
Interest rate derivatives 
1.4 
1.4 
1.4 
Measured at amortised cost 
Other interest-bearing liabilities 
1,339.3 
1,225.1 
1,225.1 
Bonds 
2,338.9 
2,073.2 
2,073.2 
Trade payables 
21.6 
21.6 
31 Dec 2021 
Carrying 
Fair value 
M€ 
value total 
LEVEL 1 
LEVEL 2 
LEVEL 3 
total 
Financial assets 
Measured at fair value 
Electricity derivatives 
0.4 
0.4 
0.4 
Financial assets recognised at fair value 
through profit or loss 
129.5 
128.8 
- 
0.7 
129.5 
Measured at amortised cost 
Cash and cash equivalents 
197.0 
197.0 
197.0 
Trade receivables 
4.9 
4.9 
Financial liabilities 
Measured at fair value 
Interest rate derivatives 
48.1 
48.1 
48.1 
Measured at amortised cost 
Other interest-bearing liabilities 
1,297.3 
1,299.6 
1,299.6 
Bonds 
2,037.2 
2,110.3 
2,110.3 
Trade payables 
26.5 
26.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
There were no transfers between the hierarchy levels in 2022. 
The fair value of floating rate loans is the same as their nomi-
nal value, as the margins of the loans correspond to the mar-
gins of new loans. The fair values of bonds are based on mar-
ket price quotations. The fair values of other fixed-rate liabili-
ties are based on discounted cash flows, in which market inter-
est rates are used as input data.
Level 3 reconciliation 
Financial assets recognised at fair value through profit or loss 
M€ 
31 Dec 2022 
31 Dec 2021 
Beginning of period 
0.7 
0.7 
Change 
0.0 
0.0 
End of period 
0.7 
0.7
Investments measured at fair value through profit and loss on 
hierarchy level 3 are investments in unlisted securities and 
they are mainly measured at acquisition cost, as their fair 
value cannot be reliably measured in the absence of an active 
market. With regards to these items, it is evaluated that the ac-
quisition cost is an appropriate estimate of fair value.
Financial assets and liabilities measured at fair value are 
classified into three fair value hierarchy levels in accord-
ance with the reliability of the valuation technique: 
Level 1: 
The fair value is based on quoted prices for identical in-
struments in active markets. 
Level 2: 
A quoted market price exists in active markets for the in-
strument, but the price may be derived from directly or in-
directly quoted market data. Fair values are measured us-
ing valuation techniques. Their inputs are based on 
quoted market prices, including e.g. market interest rates, 
credit margins and yield curves. 
Level 3: 
There is no active market for the instrument, the fair value 
cannot be reliably derived and input data used for the de-
termination of fair value is not based on observable mar-
ket data.
Recognition and measurement 
Financial assets and liabilities are classified in accord-
ance with IFRS 9 and the classification of financial assets 
is based on the nature of cash flows and the business 
models specified for the assets in question. Kojamo ap-
plies the following principles to the classification of finan-
cial assets and liabilities and their recognition, derecogni-
tion and measurement. Financial assets and liabilities are 
presented as non-current items if the remaining maturity 
exceeds 12 months and as current items if the remaining 
maturity is less than 12 months. 
Financial instruments are classified on initial recognition 
into the following measurement groups: measured at 
amortised cost, measured at fair value through profit or 
loss and financial assets measured at fair value in other 
comprehensive income.

 
 
 
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59 
Hallituksen toimintakertomus ja tilinpäätös 
Financial assets and liabilities measured at amortised 
cost 
Financial assets measured at amortised cost are non-de-
rivative financial assets with fixed or determinable pay-
ments. They are solely related to payments of principal 
and interest, and they are not held for trading. 
Financial assets obtained by handing over cash, goods or 
services directly to a debtor are measured at amortised 
cost. Kojamo’s financial assets measured at amortised 
cost consist of trade receivables and other receivables, 
loan receivables and other receivables, which include 
cash and cash equivalents. Fixed-term deposits with a 
maturity of three months at most are included in cash and 
cash equivalents. 
Financial liabilities measured at amortised cost include is-
sued bonds, other interest-bearing liabilities and trade 
payables. They are recognised initially at fair value. 
Transaction costs directly attributable to the acquisition of 
loans, such as arrangement fees that can be allocated to 
a particular loan, are deducted from the original amortised 
cost of the loan. Other financial liabilities are subsequently 
measured at amortised cost using the effective interest 
method. The difference between the proceeds and the re-
demption value is recognised as a financial expense 
through profit or loss over the loan period.
Financial assets and liabilities recognised at fair 
value through profit and loss 
Financial assets measured at fair value through profit or 
loss include fund investments, investments in unlisted 
shares and commercial papers as well as other invest-
ment instruments that are not deposits. 
Financial assets and liabilities recognised at fair value 
through profit or loss include electricity derivatives and the 
interest rate derivatives that are not subject to hedge ac-
counting in accordance with IFRS 9. 
Realised and unrealised gains and losses from changes 
in fair value are recognised in the comprehensive income 
statement in the period in which they arise.
Impairment of financial assets 
The assessment of credit losses recognised in accord-
ance with IFRS 9 is based on expected credit losses. The 
method takes into account a possible increase in credit 
risk. The impairment model is applied to financial assets 
recognised at amortised cost, the most significant item 
being sales receivables. 
Impairment loss is immediately recognised in the income 
statement. If the value is later restored, the reversal of the 
impairment is recognised in equity for equity instruments 
and through profit or loss for other investments. The im-
pairment model is based on credit losses estimated on 
the basis of experience. 
If there is no active market for the financial instrument, 
judgment is required to determine fair value and impair-
ment. External mark to market valuations may be used for 
some interest rate derivatives. Recognition of impairment 
is considered if the impairment is significant or long-last-
ing. If the amount of impairment loss decreases during a 
subsequent financial year and the decrease can be con-
sidered to be related to an event occurring after the 
recognition of impairment, the impairment loss will be 
reversed.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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60 
Hallituksen toimintakertomus ja tilinpäätös 
4.4 Interest-bearing liabilities
M€ 
31 Dec 2022 
31 Dec 2021 
Non-current liabilities 
Bonds 
2,139.2 
2,037.2 
Loans from financial institutions 
1,092.7 
1,101.5 
Interest subsidy loans 
26.2 
26.5 
Lease liability 
72.4 
69.7 
Non-current liabilities total 
3,330.5 
3,234.8 
Current liabilities 
Bonds 
199.8 
- 
Loans from financial institutions 
108.4 
41.1 
Interest subsidy loans 
0.3 
0.3 
Commercial papers 
30.9 
50.0 
Other loans 
6.2 
6.4 
Lease liability 
2.1 
1.8 
Current liabilities total 
347.7 
99.7 
Total interest-bearing liabilities 
3,678.2 
3,334.5
In March 2021, Kojamo published its Green Finance Frame-
work, which links the Group’s sustainability targets and climate 
actions with the Group’s investments and their financing. 
Within the framework, two green bonds have been issued, the 
proceeds of which have been used to build energy-efficient 
houses. 
In May 2021, Kojamo issued the first green bond of EUR 350 
million, with a maturity of 8 years. The maturity date is 28 May 
2029. The bond carries a fixed annual coupon of 0.875%. The 
EUR 300 million green bond issued in March 2022 has a ma-
turity of 4 years. The maturity date is 31 March 2026. The fixed 
annual coupon rate is 2.0%. 
Both loans are unsecured and made under the EUR 2.5 billion 
EMTN programme established by Kojamo plc in 2020. An un-
secured bond of EUR 500 million was also issued under the 
EMTN programme in 2020. The bond matures on 27 May 
2027 and its fixed annual coupon rate is 1.875%. 
In addition, an unsecured bond of EUR 500 million was issued 
in 2018, which will mature on 7 March 2025 and carries a fixed 
annual coupon of 1.625%. In 2017, Kojamo plc issued an un-
secured bond of EUR 500 million. The bond matures on 19 
June 2024 and its fixed annual coupon rate is 1.50%. All five of 
these bonds are listed on the official list of the Irish Stock Ex-
change. In 2016, a secured bond of EUR 200 million was is-
sued and listed on Nasdaq Helsinki. The bond matures on 17 
October 2023 and its fixed annual coupon rate is 1.625%.
Interest-bearing liabilities related to financing 
Other than 
cash 
M€ 
1 Jan 2022 
Cash flow 
changes 
31 Dec 2022 
Non-current interest-bearing liabilities 
3,165.2 
450.0 
-357.2 
3,258.0 
Non-current lease liabilities 
69.7 
2.8 
72.4 
Current interest-bearing liabilities 
97.9 
-111.0 
358.7 
345.6 
Current lease liabilities 
1.8 
-1.6 
1.9 
2.1 
Total interest-bearing liabilities 
3,334.5 
337.4 
6.3 
3,678.2 
Other than 
cash 
M€ 
1 Jan 2021 
Cash flow 
changes 
31 Dec 2021 
Non-current interest-bearing liabilities 
2,765.9 
534.0 
-134.7 
3,165.2 
Non-current lease liabilities 
66.7 
2.9 
69.7 
Current interest-bearing liabilities 
219.1 
-254.2 
133.0 
97.9 
Current lease liabilities 
1.6 
-1.4 
1.7 
1.8 
Total interest-bearing liabilities 
3,053.3 
278.3 
2.9 
3,334.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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61 
Hallituksen toimintakertomus ja tilinpäätös 
The changes arising from cash flows consist of the withdrawal 
of EUR 450.0 (534.0) million and repayment of EUR -91.6 (-
254.2) million of non-current loans, the withdrawal EUR 205.8 
(200.0) million and repayment EUR -225.2 (-200.0) million of 
short-term commercial papers and other loans and the repay-
ment of lease liabilities. Changes not involving cash flows 
mainly consist of transfers to current liabilities.
4.5 Derivative instruments
Fair values of derivative instruments 
31 Dec 2022 
31 Dec 2021 
M€ 
Positive 
Negative 
Net 
Net 
Interest rate derivatives 
Interest rate swaps, cash flow hedging 
53.3 
-0.9 
52.4 
-41.2 
Interest rate swaps, not in hedge accounting 
0.6 
-0.5 
0.2 
-6.9 
Electricity derivatives 
- 
- 
- 
0.4 
Total 
53.9 
-1.4 
52.5 
-47.7
Nominal values of derivative instruments 
M€ 
31 Dec 2022 
31 Dec 2021 
Interest rate derivatives 
Interest rate swaps, cash flow hedging 
746.9 
806.9 
Interest rate swaps, not in hedge accounting 
40.6 
41.3 
Total 
787.5 
848.2 
Electricity derivatives, MWh 
- 
13,140
Items under hedge accounting 
M€ 
31 Dec 2022 
31 Dec 2021 
Cash flow hedging 
Nominal value 
Hedged loans 
814.4 
860.4 
Interest rate derivatives 
746.9 
806.9 
Fair value of derivatives 
Positive 
- 
- 
Negative 
-0.9 
-41.2 
Net 
52.4 
-41.2 
Effective portion 
Recognised in other comprehensive income 
92.4 
29.1 
Ineffective portion 
Recognised in the income statement 
- 
-
During the financial year, EUR 92.4 (29.1) million was recog-
nised in the fair value reserve from interest rate derivatives 
classified as cash flow hedges. A total of EUR 1.2 (1.1) million 
was transferred from cash flow hedging to be recognised 
through profit or loss. 
The interest rate derivatives mature between 2023 and 2035. 
At the balance sheet date, the average maturity of interest rate 
swaps was 4.0 (4.7) years. The electricity derivatives matured 
in 2022.

 
 
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62 
Hallituksen toimintakertomus ja tilinpäätös 
Kojamo uses derivative instruments only for hedging pur-
poses. Kojamo uses interest rate derivatives to hedge its 
exposure to changes in future interest payment cash flows 
concerning long-term loans. The majority of interest rate 
derivatives is subject to cash flow hedge accounting in ac-
cordance with IFRS 9. Derivative instruments that do not 
meet the requirements concerning the application of hedge 
accounting, or instruments to which Kojamo has decided 
not to apply hedge accounting, are included in financial as-
sets or liabilities measured at fair value through profit and 
loss. These instruments are classified as held for trading. 
Fluctuations in Kojamo’s result caused by changing elec-
tricity prices has been restricted by using electricity deriva-
tives. Electricity derivatives are not subject to hedge ac-
counting in accordance with IFRS 9, even though these in-
struments are used for hedging. During 2022 matured 
electricity derivatives have been replaced with electricity 
purchase agreements. 
The unrealised gains and losses from the measurement of 
derivatives are presented on the balance sheet under cur-
rent and non-current assets or under liabilities in the item 
Derivative instruments. The hedged items are presented 
on the balance sheet under Loans as non-current or cur-
rent liabilities. 
Changes in the fair values of derivatives included in hedge 
accounting are recognised in components of other compre-
hensive income insofar as the hedging is effective. 
Changes in value are reported in the fair value reserve in 
equity. Interest payments arising from interest rate deriva-
tives are recognised in interest expenses to profit or loss. 
The ineffective portion of a hedge is immediately recog-
nised in financial items in the comprehensive income state-
ment. The gains and losses accumulated in equity are rec-
ognised in the income statement at the same time with the 
hedged item. 
Changes in value from derivatives not included in hedge 
accounting are recognised in financial items through profit 
and loss.
4.6 Financial risk management 
The financial risks associated with Kojamo’s business are 
managed in accordance with the treasury policy confirmed by 
Kojamo plc’s Board of Directors. The objective is to protect 
Kojamo against unfavourable changes in the financial market. 
The management of financial risk is centralised in the 
Kojamo’s Treasury unit.
Interest rate risk 
The most significant financial risk is related to interest rate fluc-
tuations affecting the loan portfolio. This risk is managed 
through fixed interest rates and interest rate derivatives. The 
greatest interest rate risk is associated with loans from finan-
cial institutions, bonds and commercial papers. These risks are 
hedged by using interest rate derivatives according to 
Kojamo’s treasury policy. The targeted hedging ratio is 50–100 
per cent. On the financial statements date, the proportion of 
fixed-rate loans and loans hedged with interest rate derivatives 
(the hedging ratio) was 84 (92) per cent. The interest rate risk 
associated with interest subsidy loans is reduced by the state’s 
interest subsidy. Interest subsidy loans are not hedged with in-
terest rate derivatives. 
The effects of changes in market interest rates on the compre-
hensive income statement and equity are evaluated in the ta-
ble below. The interest rate position affecting the comprehen-
sive income statement includes variable-rate loans and inter-
est rate derivatives not included in hedge accounting. The ef-
fect on equity results from changes in the fair values of interest 
rate derivatives included in hedge accounting.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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63 
Hallituksen toimintakertomus ja tilinpäätös 
Interest rate sensitivity 
31 Dec 2022 
31 Dec 2021 
Income 
Comprehensive 
Income 
Comprehensive 
statement 
income 
statement 
income 
M€ 
1% 
-0.1% 
1% 
-0.1% 
1% 
-0.1% 
1% 
-0.1% 
Floating rate loans 
-9.9 
0.9 
0.0 
0.0 
-4.9 
0.2 
0.0 
0.0 
Interest rate derivatives 
7.5 
-0.8 
22.4 
-2.3 
9.1 
-0.9 
37.9 
-4.0 
Total effect 
-2.3 
0.1 
22.4 
-2.3 
4.2 
-0.7 
37.9 
-4.0 
The deferred tax effect is not included in the 
calculation.
 
Liquidity and refinancing risk 
Kojamo secures its liquidity through sufficient cash funds, the 
commercial paper programme and supporting credit facility 
agreements. Cash flow from the rental business is stable, and 
the sufficiency of liquidity is monitored with regular cash flow 
forecasts. 
Kojamo’s liquidity remained good during the financial year. At 
the end of the financial year, the Group’s cash and cash equiv-
alents stood at EUR 119.4 million and financial assets at EUR 
104.0 million. 
In order to ensure its liquidity, Kojamo plc has a commercial 
paper programme of EUR 250 million, committed credit facility 
agreements amounting to EUR 300 million and a EUR 5 mil-
lion non-committed credit facility agreement. A total of EUR 
30.9 million of the commercial paper programme had been is-
sued at the end of the financial year. No credit facilities were in 
use at the balance sheet date. 
The table below presents the expiration of the Group’s commit-
ted unused credit facilities. The credit facilities are ready for 
withdrawal according to the Group’s financing needs.
Expiration of the Group's committed credit facilities 
31 Dec 2022 
31 Dec 2021 
Within 1 
1-2 
2-5 
Within 1 
1-2 
2-5 
M€ 
year 
years 
years 
Total 
year 
years 
years 
Total 
Undrawn committed credit facilities 
25.0 
0.0 
275.0 
300.0 
100.0 
25.0 
175.0 
300.0
In the past few years, the functioning of the money market has 
been affected by stricter bank regulation, which has reflected 
on bank lending and the cost of financing. Due to Kojamo’s 
strong financial position and stable cash flow, the risk associ-
ated with the availability of financing is not considered signifi-
cant. Kojamo has a credit rating of Baa2 with a stable outlook 
from Moody’s. 
The availability of financing is ensured by maintaining 
Kojamo’s good reputation among financiers and by keeping 
the equity ratio and loan to value at an appropriate level. The 
refinancing risk is reduced by diversifying the loan portfolio 
with respect to financing sources, financial instruments and 
maturities. The maturity distribution of the financing portfolio is 
actively monitored and Kojamo prepares for the maturing of 
large loans well in advance. 
The following table shows the cash flows of the contractual re-
payments and interest payments of the Group’s financial liabili-
ties. Cash flow and payments in interest rate derivatives have 
turned positive due to changes in interest rates. There were no 
electricity derivatives at the end of the financial year. Electricity 
derivatives were substantially related to the physical supply of 
electricity and their results were factored in the price of elec-
tricity purchased using electricity bills. Hence, they were not 
reported as part of the Group’s financial liabilities cash flow ta-
bles below.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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64 
Hallituksen toimintakertomus ja tilinpäätös 
Maturity profile of financial liabilities 
31 Dec 2022 
Within 1 
2-5 
6-10 
11-15 
 
M€ 
year 
years 
years 
years 
Later 
Bonds 
237.3 
1,891.5 
356.1 
0.0 
0.0 
Loans from financial institutions 
138.5 
855.0 
282.8 
60.9 
1.2 
Interest subsidy loans 
0.7 
2.1 
3.2 
4.2 
19.2 
Commercial papers 
31.0 
0.0 
0.0 
0.0 
0.0 
Other loans 
0.0 
6.2 
0.0 
0.0 
0.0 
Interest rate derivatives 
-2.1 
-4.2 
-1.2 
-0.3 
0.0 
Lease liabilities 
4.6 
17.1 
21.0 
20.3 
92.5 
Trade payables 
21.6 
- 
- 
- 
- 
Total 
431.7 
2,767.7 
662.0 
85.1 
112.9 
31 Dec 2021 
Within 1 
2-5 
6-10 
11-15 
 
M€ 
year 
years 
years 
years 
Later 
Bonds 
31.3 
1,292.4 
868.6 
0.0 
0.0 
Loans from financial institutions 
51.4 
754.8 
328.1 
62.4 
1.2 
Interest subsidy loans 
0.4 
1.8 
2.9 
3.7 
20.0 
Commercial papers 
50.0 
0.0 
0.0 
0.0 
0.0 
Other loans 
0.0 
6.1 
0.0 
0.0 
0.0 
Interest rate derivatives 
14.3 
43.7 
13.6 
4.5 
0.0 
Lease liabilities 
4.2 
15.6 
19.0 
18.6 
85.8 
Trade payables 
26.5 
- 
- 
- 
- 
Total 
178.0 
2,114.4 
1,232.2 
89.2 
107.0
Price risk 
Kojamo has earlier hedged electricity price risk by using elec-
tricity derivatives, which were recorded in its own balance 
sheet. The electricity derivatives were not subject to hedge ac-
counting in accordance with IFRS 9.The electricity derivatives 
hedged highly probable future electricity purchases, and the 
trading was outsourced to an external expert. Today, 
electricity 
price risk is hedged by using electricity purchase agreements. 
The sensitivity of the electricity derivatives to +/- 10% changes 
in the market price are shown in the table below.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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65 
Hallituksen toimintakertomus ja tilinpäätös 
Price risk of the electricity derivatives 
31 Dec 2022 
31 Dec 2021 
M€ 
10% 
-10% 
10% 
-10% 
Electricity derivatives 
- 
- 
0.1 
-0.1 
The deferred tax effect is not included in the 
calculation.
Kojamo’s surplus cash may be invested in accordance with the 
principles approved in the treasury policy. Financial assets 
measured at fair value through profit or loss are subject to a 
price risk that is mitigated through the diversification of invest-
ment assets. The investments do not involve a currency risk. 
Kojamo’s level 1 and 2 financial assets measured at fair value 
through profit or loss are low-risk investments in short-term in-
terest rate funds or other highly liquid investments that can be 
redeemed on short notice and are therefore suitable for cash 
management. The effect of a one percentage point increase 
(decrease) on the comprehensive income statement would be 
EUR 1.0 (-1.0) million. Financial assets classified at level 3 
consist mostly of strategic investments in unlisted shares. The 
impact of one percentage point increase (decrease) of these 
prices on the financial statement would be EUR 0.0 (-0.0) mil-
lion. The figures do not take the tax effect into account.
Credit risk and counterparty risk 
Kojamo does not have any significant credit risk concentra-
tions. The majority of sales receivables consists of rent receiv-
ables, which are efficiently diversified. In addition, the use of 
security deposits mitigates the credit risk associated with rent 
receivables. Credit risk is analysed based on the age distribu-
tion of trade receivables and by the degree of success of debt 
collection measures, and the risk is expected to remain at the 
current level.
Age distribution of sales and rent receivables 
31 Dec 2022 
31 Dec 2021 
M€ 
% 
M€ 
% 
Less than a month 
4.1 
63.9 
3.1 
64.1 
1-3 months 
1.5 
23.5 
1.2 
24.4 
3-6 months 
0.5 
7.3 
0.3 
6.2 
6-12 months 
0.1 
2.3 
0.1 
2.5 
More than a year 
0.2 
3.0 
0.1 
2.9 
Total 
6.4 
100.0 
4.9 
100.0
Investments and derivative instruments involve a counterparty 
risk in financing activities. This risk is managed with a diverse 
portfolio of financially stable counterparties.
Financial assets include rent receivables and trade receiv-
ables as well as interest receivables that are not held for 
sale and that have been obtained by handing over cash, 
goods or services directly to a debtor. They are measured 
initially at fair value and subsequently at amortised cost. 
The balance sheet value is adjusted according to the 
amount of expected credit losses. 
Impairment of financial assets 
For financial assets, the loss allowance is recognised at an 
amount equal to the lifetime expected credit losses. The 
expected credit loss is recognised through profit or loss.
Currency risk 
Kojamo’s cash flows are euro-denominated, and the business 
does not involve any currency risk.
Management of capital structure 
Kojamo’s aim is to achieve a capital structure that best en-
sures Kojamo’s strategic long-term operations, promotes the 
company’s growth targets and is optimal with respect to the 
prevailing market situation. In addition to the financial result, 
Kojamo’s capital structure is affected by factors such as capital 
expenditure, asset sales and acquisitions, dividend payments, 
equity-based facilities and measurement at fair value. 
Kojamo’s strategic targets include an equity ratio of more than 
40 per cent and Loan to Value (LTV, 
a measure of net debt rel-
ative to the value of investment properties) of less than 50 per 
cent. 
Kojamo’s equity ratio on 31 December 2022 was 45.3 
(49.0) per cent, and Loan to Value (LTV) 
was 43.7 (37.7) per 
cent. Kojamo’s interest-bearing liabilities totalled EUR 3,678.2 
(3,334.5) million at the end of the financial year. 
Kojamo’s unsecured financing agreements include financial 
covenants related to the gearing ratio, the proportion of se-
cured loans of the balance sheet, the amount of unencum-

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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66 
Hallituksen toimintakertomus ja tilinpäätös 
bered assets and the capacity of the business to cover its in-
terest liabilities. Kojamo fulfilled the terms of the covenants 
during the financial year. According to the terms and condi-
tions of certain credit agreements, the Group’s Loan to Value 
(LTV) shall not exceed 60 per cent and the interest cover ratio 
(ICR) shall be at least 1.8. At the end of the financial year, the 
interest cover ratio was 3.9 (4.0). 
According to the terms and conditions of Kojamo plc’s unse-
cured bonds, the Group’s solvency ratio shall be less or equal 
to 0.65, secured solvency ratio less or equal to 0.45 and cover-
age ratio more than or equal to 1.8. At the end of the financial 
year, the solvency ratio was 0.42 (0.36), the secured solvency 
ratio was 0.09 (0.09) and the coverage ratio was 3.8 (3.9).
4.7 Collateral and contingent liabilities
M€ 
31 Dec 2022 
31 Dec 2021 
Loans covered by pledges on property and 
shares as collateral 
780.7 
809.5 
Pledges given 
922.2 
907.4 
Shares ¹
⁾
102.1 
117.3 
Pledged collateral, total 
1,024.3 
1,024.7 
Other collaterals given 
Mortgages and shares 
8.1 
7.6 
Guarantees ²
⁾
756.4 
672.9 
Other collateral, total 
764.5 
680.6 
¹
⁾
 
Pledged mortgages and shares relate in some 
cases to the same properties 
²
⁾
 
Guarantees given mainly relate to parent company 
guarantees given on behalf of 
Group companies’ loans and 
 
some of these loans have also mortgages or shares 
as collaterals.
Kojamo and its subsidiaries have made commitments restrict-
ing the assignment and pledging of shares owned by them. 
The contingent liabilities related to investment properties are 
presented in note 3.4
5. Income taxes
5.1 Current tax expense
The tax expense in the income statement is broken down as follows 
M€ 
1-12/2022 
1-12/2021 
Current tax expense 
-17.3 
-18.9 
Taxes for previous financial years 
0.0 
0.1 
Change in deferred taxes 
117.2 
-236.7 
Total 
100.0 
-255.5 
Tax effects relating to components of other comprehensive income 
M€ 
1-12/2022 
1-12/2021 
Cash flow hedges 
Before taxes 
92.4 
29.1 
Tax effect 
-18.5 
-5.8 
After taxes 
74.0 
23.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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67 
Hallituksen toimintakertomus ja tilinpäätös 
Reconciliation between the tax expense shown in the income statement and tax calculated 
using the parent company’s tax rate 
M€ 
1-12/2022 
1-12/2021 
Profit before taxes 
-499.8 
1,278.9 
Taxes calculated using the current tax rate (20%) 
-100.0 
255.8 
Tax-exempt income/non-deductible costs 
-0.1 
-0.2 
Utilisation of previously unrecognised confirmed tax 
losses 
-0.8 
-0.9 
Change of deferred tax assets previously recognised 
on confirmed tax losses 
0.9 
1.1 
Taxes from previous periods 
0.0 
-0.1 
Other 
0.1 
-0.1 
Adjustments total 
0.0 
-0.3 
Total taxes recognised in profit or loss 
-100.0 
255.5
The tax expense in the comprehensive income statement 
comprises current tax and the change in deferred tax lia-
bilities and receivables. Income tax is recognised in profit 
and loss, except when income tax is related to items rec-
ognised directly in equity or components of other compre-
hensive income. In this event, the tax is also included in 
these items. 
Current taxes are calculated from taxable profit deter-
mined in Finnish tax legislation with reference to a valid 
tax rate, or a tax rate that is in practice approved by the 
balance sheet date. Taxes are adjusted by possible taxes 
related to previous years. 
As a rule, deferred tax assets and liabilities are recog-
nised for all temporary differences between the carrying 
amounts and tax bases of assets and liabilities using the 
liability method. Acquisitions of individual assets consti-
tute an exception to this rule. At Kojamo, these assets in-
clude such investment property acquisitions that do not 
meet the criteria of business entities and are, therefore, 
classified as asset acquisitions.
The most significant temporary difference in the Group is 
the difference between the fair values and tax bases of in-
vestment properties owned by Kojamo. After the initial 
recognition, the investment property is measured at fair 
value through profit and loss at the end of the reporting 
period. Other temporary differences arise, for example, 
from the measurement of financial instruments at fair 
value. 
A deferred tax asset is recognised only to the extent that it 
is probable that future taxable profit will be available to 
Kojamo against which temporary differences can be uti-
lised. The eligibility of the deferred tax asset for recogni-
tion is reassessed on the last day of each reporting pe-
riod. Deferred tax liabilities are usually recognised in the 
balance sheet in full. 
Deferred taxes are determined applying those tax rates 
(and tax laws) that will probably be valid at the time of 
paying the tax. Tax rates 
in force on the last day of the re-
porting period are used as the tax rate, or tax rates for the 
year following the financial year if they are in practice ap-
proved by the last day of the reporting period.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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68 
Hallituksen toimintakertomus ja tilinpäätös 
5.2 Deferred tax assets and liabilities
Changes to deferred tax assets and liabilities 
Recognised 
Recognised 
in other 
through 
compre- 
profit 
hensive 
Other 
M€ 
1 Jan 2022 
or loss 
income 
changes 
31 Dec 2022 
Deferred tax assets 
Confirmed losses 
0.9 
-0.1 
- 
0.8 
Cash flow hedges 
8.2 
-8.1 
- 
0.2 
Other items/transfers 
0.9 
-0.5 
- 
0.5 
Total 
10.1 
-0.5 
-8.1 
- 
1.5 
Deferred tax liabilities 
Investment properties measured at fair value 
and residential building provisions 
979.9 
-117.6 
0.0 
862.3 
Cash flow hedges 
0.5 
10.4 
- 
10.9 
Electricity derivatives measured at fair value 
0.1 
-0.1 
- 
- 
Other items/transfers 
0.6 
-0.1 
- 
0.4 
Total 
981.0 
-117.8 
10.4 
0.0 
873.7 
Recognised 
Recognised 
in other 
through 
compre- 
profit 
hensive 
Other 
M€ 
1 Jan 2021 
or loss 
income 
changes 
31 Dec 2021 
Deferred tax assets 
Confirmed losses 
1.2 
-0.2 
- 
0.9 
Cash flow hedges 
14.3 
-6.0 
- 
8.2 
Electricity derivatives measured at fair value 
0.1 
-0.1 
- 
- 
Other items/transfers 
0.5 
0.4 
- 
0.9 
Total 
16.0 
0.1 
-6.0 
- 
10.1 
Deferred tax liabilities 
Investment properties measured at fair value 
and residential building provisions 
742.9 
237.0 
0.0 
979.9 
Cash flow hedges 
0.7 
-0.2 
- 
0.5 
Electricity derivatives measured at fair value 
0.0 
0.1 
- 
0.1 
Other items/transfers 
0.8 
-0.3 
- 
0.6 
Total 
744.5 
236.8 
-0.2 
0.0 
981.0
Expiration years for unrecognised confirmed losses 
Year of expiration 
M€ 
2023-2024 
2025-2026 
2027-2028 
2029-2030 
2031-2032 
Total 
Confirmed losses 
0.3 
0.1 
0.4 
0.1 
0.5 
1.5 
Unrecognised deferred tax 
0.1 
0.0 
0.1 
0.0 
0.1 
0.3

 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
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69 
Hallituksen toimintakertomus ja tilinpäätös 
6. Other balance sheet items 
6.1. Tenancy agreements 
Leases 
The right-of-use assets recognised in investment properties 
consist of land lease contracts measured at fair value. The fair 
value of land lease contracts is the present value of the lease 
payments for the remaining lease term discounted by the in-
cremental borrowing rate. Kojamo’s lease liability is measured 
by discounting the lease liabilities of the leases within the 
scope of the standard at their present value, using the man-
agement’s estimate of Kojamo’s incremental borrowing rate as 
the discount factor. The incremental borrowing rate will be de-
termined on the commencement date of the lease. The 
weighted average incremental borrowing rate of the lease lia-
bility was 3.8 (3.9) per cent on 31 December 2022. 
The right-of-use assets recognised in property, plant and 
equipment are car leasing agreements. Depreciation on the 
right-of-use asset is recognised as straight-line depreciation 
over the lease term. The balance sheet items do not include 
the service components of leases or non-deductible value 
added taxes. The weighted average incremental borrowing 
rate of the lease liability was 1.3 (1.3) per cent on 31 Decem-
ber 2022. 
The cash flows of the contractual repayments and interest pay-
ments of the Group’s financial liabilities are presented for lease 
liabilities in note 4.6 Financial risk management. 
Expenses associated with right-of-use assets included in in-
vestment properties (leases for plots of land) are recognised in 
the comprehensive income statement under Profit/loss on fair 
value of investment properties and the interest expenses allo-
cated to the lease liability are recognised in financial ex-
penses. The expenses associated with car leasing agreements 
are recognised in depreciation and financial expenses. The 
payments of the lease liability are stated in the financing cash 
flow.
Recognition of deferred tax assets 
Determining whether to recognise a deferred tax asset on 
the balance sheet requires the management’s judgment. 
A deferred tax asset is recognised to the extent that it is 
probable that future taxable profit will be available to 
Kojamo against which deductible temporary differences or 
tax losses carried forward can be utilised. A deferred tax 
asset recognised in a previous reporting period is recog-
nised as an expense in the income statement, if Kojamo 
is not expected to accrue enough taxable income to utilise 
the temporary differences or unused losses that constitute 
the basis for the deferred tax asset.
Recognition principle of deferred taxes (investment 
properties) 
As a rule, the deferred tax for investment properties 
measured at fair value is determined assuming that the 
temporary difference will reverse through selling. Kojamo 
can usually dispose of an investment property either by 
selling it in the form of property or by selling the shares in 
the company, such as a housing company.
Exception to the initial recognition of deferred taxes 
As a rule, deferred tax assets and liabilities are recog-
nised for all temporary differences between the carrying 
amounts and tax bases of assets and liabilities. An excep-
tion to this principal rule is constituted by acquisitions of 
single investment properties, which are not considered to 
meet the definition of business according to IFRS 3. In 
this case, they are classified as asset acquisitions, for 
which no deferred tax is recorded in the balance sheet at 
initial recognition. As such, the classification of property 
acquisitions as business acquisitions and asset acquisi-
tions (described in more detail in note 3.1) also affects the 
recognition of deferred taxes.

 
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Right-of-use assets 
M€ 
31 Dec 2022 
31 Dec 2021 
Fair value od Leases for plots of land 
1 Jan * 
70.6 
67.4 
Increases/decreases 
4.3 
4.2 
Profit/loss on fair value of investment properties 
-1.1 
-1.0 
Fair value of Leases for plots of land 31 Dec 
73.8 
70.6 
* Land lease contracts are measured at fair value 
and are recognised in investment properties. 
M€ 
31 Dec 2022 
31 Dec 2021 
Car leasing agreements 1 Jan * 
1.7 
1.6 
Increases/decreases 
0.0 
0.1 
Acquisition cost 31 Dec 
1.7 
1.7 
Accumulated depreciation 1 Jan 
-0.8 
-0.7 
Depreciation, amortisation and impairment 
-0.4 
-0.4 
Increases/decreases 
0.3 
0.3 
Accumulated depreciation 
-0.9 
-0.8 
Car leasing agreements 1 Jan 
0.9 
1.0 
Car leasing agreements 31 Dec 
0.8 
0.9 
* Car leasing agreements are recognised in 
property, plant and equipment. 
Right-of-use assets total on 1 Jan 
71.5 
68.4 
Right-of-use assets total on 31 Dec 
74.6 
71.5
Lease liabilities 
M€ 
31 Dec 2022 
31 Dec 2021 
Lease liabilities on 1 Jan 
71.5 
68.3 
New leases 
2.2 
4.0 
Repayments of lease liabilities 
-1.6 
-1.4 
Other non-cash movements 
2.5 
0.6 
Lease liabilities on 31 Dec 
74.6 
71.5 
Lease liabilities 
M€ 
31 Dec 2022 
31 Dec 2021 
Non-curret liabilities 
Investment property, leases for plot of land 
72.1 
69.2 
Depreciation, amortisation and impairment, car leasing 
agreements 
0.3 
0.5 
Non-curret liabilities total 
72.4 
69.7 
Current liabilities 
Investment property, leases for plot of land 
1.7 
1.4 
Depreciation, amortisation and impairment, car leasing 
agreements 
0.4 
0.4 
Current liabilities total 
2.1 
1.8 
Lease liabilities total 
74.6 
71.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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6.2 Intangible assets
Other 
Intangible 
intangible 
M€ 
rights 
assets 
Total 
Acquisition cost 1 Jan 2022 
0.1 
1.1 
1.2 
Increases 
0.1 
0.1 
Acquisition cost 31 Dec 2022 
0.1 
1.2 
1.3 
Accumulated depreciation 1 Jan 2022 
-0.1 
-0.3 
-0.4 
Depreciation for the financial year 
0.0 
-0.2 
-0.2 
Accumulated depreciation 31 Dec 2022 
-0.1 
-0.5 
-0.6 
Carrying value 1 Jan 2022 
0.0 
0.8 
0.8 
Carrying value 31 Dec 2022 
0.0 
0.7 
0.7 
Other 
Intangible 
intangible 
M€ 
rights 
assets 
Total 
Acquisition cost 1 Jan 2021 
2.4 
2.8 
5.1 
Increases 
0.5 
0.5 
Decreases 
-2.3 
-2.1 
-4.4 
Acquisition cost 31 Dec 2021 
0.1 
1.1 
1.2 
Accumulated depreciation 1 Jan 2021 
-2.4 
-2.3 
-4.7 
Decreases 
2.3 
2.1 
4.4 
Depreciation for the financial year 
0.0 
-0.1 
-0.1 
Accumulated depreciation 31 Dec 2021 
-0.1 
-0.3 
-0.4 
Carrying value 1 Jan 2021 
0.0 
0.4 
0.4 
Carrying value 31 Dec 2021 
0.0 
0.8 
0.8

 
 
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Intangible assets are recognised in the balance sheet only 
in the event that the acquisition cost of the asset can be 
reliably determined and the expected future financial ben-
efit related to the asset will probably benefit Kojamo. Any 
other costs are immediately recognised as expenses. In-
tangible assets are valued at acquisition cost less amorti-
sation and any impairment loss. Kojamo’s intangible as-
sets consist of licences and IT systems. 
Intangible assets are amortised on a straight-line basis 
over their estimated useful lives. Intangible assets with a 
time limit are amortised over the life of the contract. The 
amortisation periods for intangible assets are four to five 
years.
Research costs are recognised as an expense as in-
curred. Development costs are recognised as intangible 
assets in the balance sheet, provided that they can be re-
liably determined, the product or process is technically 
and commercially feasible, it will probably generate finan-
cial benefit in the future and Kojamo has the resources re-
quired for completing the research work and for using or 
selling the intangible asset.
The residual value, useful life and amortisation method of 
the asset are checked at least at the end of each financial 
year. When necessary, 
they are adjusted to reflect 
changes in the expectations on financial benefit.
Kojamo’s consolidated balance sheet did not include 
goodwill in the periods being presented.
Impairment of intangible assets
At least once a year, Kojamo carries out an assessment 
of the possible signs of impairment of intangible assets. 
In practice, this is usually an asset group-specific as-
sessment. If any signs of impairment are detected, the 
recoverable amount of the asset is determined. 
The recoverable amount is the higher of an asset’s fair 
value less costs to sell and its value in use. The value in 
use is based on the expected future net cash flows re-
sulting from the asset, discounted to the present. The re-
coverable amount is compared with the asset’s carrying 
amount. An impairment loss is recognised if the recover-
able amount is lower than the carrying amount. Impair-
ment losses are recognised in the statement of income. 
In connection with the recognition of the impairment loss, 
the useful life of the amortisable/depreciable asset is re-
assessed. 
The impairment loss will be reversed later if the circum-
stances change and the recoverable amount has in-
creased after the recognition of the impairment loss. 
However, reversal of impairment loss shall not exceed 
the asset’s carrying amount less impairment loss. An im-
pairment loss recognised for goodwill cannot be re-
versed under any circumstances.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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6.3 Property, plant and equipment
M€ 
Land areas 
Connection 
 
and 
Right- 
Other 
Total 
of-use 
tangible 
charges 
Buildings 
equipment 
assets 
assets 
Acquisition cost 1 Jan 2022 
5.4 
0.1 
26.5 
3.3 
1.7 
1.4 
38.4 
Increases 
0.2 
0.0 
0.2 
Acquisition cost 31 Dec 2022 
5.4 
0.1 
26.5 
3.5 
1.7 
1.4 
38.7 
Accumulated depreciation 1 Jan 2022 
-5.7 
-3.0 
-0.8 
-0.1 
-9.6 
Depreciation for the financial year 
-0.4 
-0.1 
-0.4 
0.0 
-1.0 
Decreases 
0.3 
0.3 
Accumulated depreciation 31 Dec 2022 
-6.2 
-3.1 
-0.9 
-0.1 
-10.3 
Carrying value 1 Jan 2022 
5.4 
0.1 
20.8 
0.3 
0.9 
1.3 
28.8 
Carrying value 31 Dec 2022 
5.4 
0.1 
20.3 
0.4 
0.8 
1.3 
28.4 
Machinery 
Right- 
Other 
Connection 
 
and 
of-use 
tangible 
M€ 
Land areas 
charges 
Buildings 
equipment 
assets 
assets 
Total 
Acquisition cost 1 Jan 2021 
5.5 
0.2 
26.7 
3.3 
1.6 
1.6 
38.9 
Increases 
0.1 
0.2 
0.1 
0.3 
Decreases 
-0.1 
0.0 
-0.3 
-0.2 
-0.2 
-0.7 
Acquisition cost 31 Dec 2021 
5.4 
0.1 
26.5 
3.3 
1.7 
1.4 
38.4 
Accumulated depreciation 1 Jan 2021 
-5.4 
-3.0 
-0.7 
-0.1 
-9.1 
Depreciation for the financial year 
-0.4 
-0.2 
-0.4 
0.0 
-1.0 
Decreases 
0.1 
0.2 
0.3 
0.5 
Accumulated depreciation 31 Dec 2021 
-5.7 
-3.0 
-0.8 
-0.1 
-9.6 
Carrying value 1 Jan 2021 
5.5 
0.2 
21.3 
0.3 
1.0 
1.5 
29.8 
Carrying value 31 Dec 2021 
5.4 
0.1 
20.8 
0.3 
0.9 
1.3 
28.8

 
 
 
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Property, plant and equipment consist of assets held and 
used by the company, mainly buildings and land areas, as 
well as machinery and equipment. The right-of-use assets 
include car leasing agreements, which are described in 
more detail in note 6.1. 
Property, plant and equipment are measured at their origi-
nal acquisition cost, less accumulated depreciation and 
possible impairment losses, adding capitalised costs re-
lated to modernisations. Kojamo’s property, plant and 
equipment consist mainly of buildings, land and machin-
ery and equipment. 
The acquisition cost includes costs that are directly at-
tributable to the acquisition of the property, plant and 
equipment item. If the item consists of several compo-
nents with different useful lives, they are treated as sepa-
rate items of property, plant and equipment. In this case, 
costs related to the replacement of a component are capi-
talised, and any remaining carrying amount is derecog-
nised from the balance sheet in connection with the re-
placement. Government grants received for the acquisi-
tion of property, plant and equipment are recorded as a 
reduction of the acquisition cost of said property, plant 
and equipment asset. The grants are recognised in in-
come as lower depreciation charges over the useful life of 
the asset. 
Costs that arise later as a result of additions, replace-
ments of parts or maintenance, such as modernisation 
costs, are included in the carrying amount of the property, 
plant and equipment asset only in the event that the future 
financial benefit related to the asset will probably benefit 
Kojamo and the acquisition cost can be reliably deter-
mined. Maintenance and repair expenses are recognised 
immediately through profit and loss.
Depreciation on property, plant and equipment is recog-
nised as straight-line depreciation during the useful life. 
No depreciation is charged on land, as land is considered 
to have an indefinite useful life. 
The depreciation periods based on economic useful life 
are as follows: 
Buildings 
67 years 
Machinery and equipment in buildings 
10–50 years 
Intangible rights and assets 
10–20 years 
Capitalised renovations and repairs 
10–50 years 
IT hardware and software 
4–5 years 
Base stations 
7 years 
Office equipment 
10 years 
Multifunction devices 
6-8 years 
Gains and losses from sales and disposals of property, 
plant and equipment are recognised in the income state-
ment and presented as other operating income and 
expenses.
Impairment of property, plant and equipment 
At least once a year, Kojamo carries out an assessment 
of the possible signs of impairment of property, plant and 
equipment. In practice, this is usually an asset group-spe-
cific assessment. If any signs of impairment are detected, 
the recoverable amount of the asset is determined. 
The recoverable amount is the higher of an asset’s fair 
value less costs to sell and its value in use. The value in 
use is based on the expected future net cash flows result-
ing from the asset, discounted to the present. The recov-
erable amount is compared with the asset’s carrying 
amount. An impairment loss is recognised if the recovera-
ble amount is lower than the carrying amount. Impairment 
losses are recognised in the statement of income. In con-
nection with the recognition of the impairment loss, the 
useful life of the amortisable/depreciable asset is reas-
sessed. 
The impairment loss will be reversed later if the circum-
stances change and the recoverable amount has in-
creased after the recognition of the impairment loss. How-
ever, reversal of impairment loss shall not exceed the as-
set’s carrying amount less impairment loss.

 
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6.4 Non-current receivables
M€ 
31 Dec 2022 
31 Dec 2021 
Loan receivables from associated companies 
4.8 
4.8 
Loan receivables from others 
1.7 
1.8 
Non-current accrued income 
0.2 
0.2 
Total 
6.7 
6.9
6.5 Current trade and other receivables
M€ 
31 Dec 2022 
31 Dec 2021 
Trade receivables 
6.4 
4.9 
Receivables from associated companies 
0.2 
0.0 
Loan receivables 
0.1 
0.3 
Other receivables 
2.2 
1.4 
Prepaid expenses and accrued income 
2.1 
2.2 
Total 
11.1 
8.9 
Specification of prepaid expenses and accrued 
income 
31 Dec 2022 
31 Dec 2021 
Rental services 
1.4 
1.6 
Prepayments 
0.1 
0.1 
Interest 
0.1 
0.1 
Other prepaid expenses and accrued income 
0.5 
0.4 
Total 
2.1 
2.2
The fair value of trade receivables and other receivables 
matches their carrying amount.
6.6 Provisions and other non-current liabilities
Provisions include EUR 0.3 (0.4) 
million in ten-year guarantee 
reserves for Lumo Kodit Oy’s (VVO Rakennuttaja Oy’s) 
founder construction, estimated on the basis of experience.
Other non-current liabilities comprise mainly received security 
deposits.
Other non-current liabilities 
M€ 
31 Dec 2022 
31 Dec 2021 
Security deposits received 
4.3 
4.4 
Other liabilities, investments 
0.8 
0.7 
Total 
5.0 
5.1
Provisions are recognised in the balance sheet when all 
the following criteria are met: 
● 
Kojamo has a present legal or constructive obligation 
as a result of past events 
● 
it is probable that an outflow of resources will be re-
quired to settle the obligation 
● 
the amount of the obligation can be reliably estimated.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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6.7 Current trade payables and other payables
M€ 
31 Dec 2022 
31 Dec 2021 
Advances received 
6.2 
6.6 
Trade payables 
21.6 
26.5 
Other debts 
1.5 
1.3 
Accrued expenses and deferred income 
49.2 
44.3 
Total 
78.5 
78.7 
Specification of accrued expenses and deferred 
income 
31 Dec 2022 
31 Dec 2021 
Rental services 
2.7 
4.2 
Investments 
9.9 
9.6 
Personnel expenses 
5.8 
4.8 
Interest 
30.7 
25.7 
Other items 
0.0 
0.0 
Total 
49.2 
44.3
7. Other notes
7.1 Adjustments to cash flow from operating activities
M€ 
1-12/2022 
1-12/2021 
Depreciation 
1.2 
1.2 
Financial income and expenses 
57.4 
54.9 
Income taxes 
-100.0 
255.5 
Share of result of associated companies 
-0.1 
-0.1 
Profit/loss on fair value of investment properties 
682.0 
-1,105.7 
Profit/loss on the disposal of investment properties 
-0.2 
-0.3 
Other adjustments 
-0.8 
-1.1 
Total 
639.4 
-795.7
7.2 Related party transactions 
Related parties 
Kojamo plc’s related parties include its subsidiaries, associ-
ated companies and joint arrangements as well as key man-
agement personnel, comprising the members of the Board of 
Directors, the CEO and other members of the Management 
Team 
and the close members of their families and the corpora-
tions over which they exercise control. Parties holding 20 per 
cent or more of the shares of Kojamo are generally considered 
as related parties. Shareholders whose shareholding remains 
below 20 per cent are considered as related parties if they are 
otherwise considered to have considerable influence. 
Kojamo’s subsidiaries, joint arrangements and associated 
companies are presented in Note 7.3.
Provisions may result from restructuring plans, onerous 
contracts or obligations related to the environment, legal 
action or taxes. 
The amount recognised as provision is the management’s 
best estimate of costs required for settling an existing obli-
gation on the last day of the reporting period. Where it can 
be expected some of a provision to be reimbursed, the re-
imbursement is recognised as a separate asset but only 
when the reimbursement is virtually certain.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Employee benefits of key management personnel 
M€ 
1-12/2022 
1-12/2021 
Wages and salaries to management 
CEO 
0.4 
0.5 
Other members of the Management Team 
1.0 
1.0 
Members of the Board and its committees 
0.1 
0.1 
Total wages and salaries for the management 
1.5 
1.5 
Share-based payments 
CEO 
0.5 
0.8 
Other members of the Management Team 
0.7 
1.0 
Members of the Board and its committees 
0.3 
0.3 
Share-based payments total 
1.5 
2.0 
Funded pension plans 
0.2 
0.2 
Defined contribution pension plans 
0.4 
0.4 
Total 
3.6 
4.2 
Salaries and wages to the CEO, the Board of Directors and the Board`s committees 
1,000 € 
1-12/2022 
1-12/2021 
Jani Nieminen, CEO 
970.0 
1,220.8 
Board of Directors and its committees 
 
Mikael Aro, Chairman of the Board 
78.8 
74.1 
 
Mikko Mursula, Vice chairman of the board 
50.9 
47.9 
 
Reima Rytsölä 
45.0 
40.8 
 
Anne Leskelä 
51.5 
47.9 
 
Minna Metsälä 
9.7 
40.8 
 
Heli Puura 
- 
9.9 
 
Kari Kauniskangas 
35.3 
- 
 
Matti Harjuniemi 
45.0 
41.4 
Catharina von Stackelberg-Hammarén 
44.4 
31.5 
Board of Directors and its committees total 
360.3 
334.4 
Total * 
1,330.3 
1,555.3 
* The salaries and wages include share-based payments
For the 2022–2023 term of office, the Board of Directors has 
been paid fees totalling EUR 362.2 thousand, of which EUR 
360.3 thousand is allocated to the financial year 2022. Annual 
fee is paid as company shares and cash so that approximately 
40 per cent of the annual fee will be paid as Kojamo plc’s 
shares and the rest will be paid in cash. 
Kojamo employees do not receive additional compensation for 
serving as Board members or the CEO of Group companies. 
The management’s pension commitments and sev-
erance payments 
The retirement age for the CEO and the members of the Man-
agement Team 
is 63 years. The CEO and the members of the 
Management Team 
belong to a contribution-based pension 
system in which an insurance premium corresponding to two 
months’ taxable income is paid annually into a group pension 
insurance plan. In accordance with the terms of the insurance, 
the insurance savings can be withdrawn starting from the age 
of 63 or as a supplementary pension complementing earnings-
related pension. The costs of the statutory pension plan for the 
CEO and the members of the Management Team were EUR 
0.4 (0.4) million, and payments to the voluntary pension plan 
amounted to EUR 0.2 (0.2) million. 
If the company terminates the CEO’s contract, the period of 
notice is 12 months, during which time the CEO does not have 
an obligation to work. If the CEO terminates the contract, the 
period of notice is three months. No separate severance pay is 
stipulated by the CEO’s contract. 
If the Company terminates the contract of another member of 
the Management Team, 
the period of notice is six months, dur-
ing which time they are under no obligation to work. If a mem-
ber of the Management Team terminates 
the contract, the pe-
riod of notice is three months. The severance payment corre-
sponds to six months’ salary.
Share-based incentive plan 
Kojamo has a long-term share-based incentive plan for execu-
tives in effect. The remuneration is based on the realisation of 
Kojamo’s key performance indicators in relation to the Group’s 
strategic targets. 
The potential incentives under the plan are based on: 

 
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● 
for the performance period 2019–2021: total revenue, FFO 
and return on capital employed. 
● 
for the performance period 2020–2022: total revenue and 
FFO. 
● 
for the performance period 2021–2023: total revenue and 
FFO. 
● 
for the performance period 2022–2024: total revenue, FFO 
and apartment-specific CO2 emission reduction target. 
If the three ongoing earning periods were accrued in full, the 
maximum remuneration would be a sum corresponding to 
309,453 Kojamo shares, of which half would be paid in Kojamo 
shares and half in cash. The fair value of the share-based re-
wards is measured based on Kojamo plc’s share price at the 
time of initiating the plan and taking into account the dividend 
estimates for the coming years. In the financial year 2022, the 
effect of the share-based incentive plan for key personnel on 
Kojamo’s result was EUR -0,4 (-0.3) million.
Other related party information 
The members of the Board of Directors or corporations over 
which they exercise control owned a total of 55,754 shares 
and share-based rights in the company or in companies be-
longing to the same Group as the company. 
The members of the Management Team 
or corporations over 
which they exercise control owned a total of 190,033 shares 
and share-based rights in the company or in companies be-
longing to the same Group as the company. 
These shares represent 0.10 per cent of the company’s entire 
share capital.
7.3 The Group’s subsidiaries, joint arrange-
ments and associated companies
Consolidation policies 
The consolidated financial statements include the parent 
company Kojamo plc, the subsidiaries, interests in joint 
arrangements (joint operations) and investments in asso-
ciated companies.
Subsidiaries 
Subsidiaries are companies that are under the parent 
company’s control. Kojamo is considered to control an en-
tity when Kojamo is exposed to, or has rights to, variable 
returns from its involvement in the entity and has the abil-
ity to affect those returns through its control over the en-
tity. The control is usually based on the parent company’s 
direct or indirect holding of more than 50 per cent of the 
voting rights in the subsidiary. Should facts or circum-
stances change in the future, Kojamo will reassess 
whether it continues to have control over the entity. 
Mutual shareholdings are eliminated using the acquisition 
cost method. Subsidiaries acquired during the financial 
year are consolidated in the financial statements from the 
day of acquisition, when the Group gained control of the 
company. Divested subsidiaries are consolidated until the 
date of divestment, when control ceases. Intra-Group 
transactions, receivables, liabilities, essential internal mar-
gins and internal profit distribution have been eliminated 
in the consolidated financial statements. 
The result for the financial year and total comprehensive 
income are allocated to the owners of the parent com-
pany, as Kojamo had no non-controlling interests in 2022 
and 2021.

 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
79 
Hallituksen toimintakertomus ja tilinpäätös 
Joint arrangements 
A joint arrangement is an arrangement in which two or 
more parties have joint control. Joint control is the con-
tractually agreed sharing of control of an arrangement, 
which exists only when decisions about the relevant activ-
ities require the unanimous consent of the parties sharing 
control. 
A joint arrangement is either a joint operation or joint ven-
ture. In a joint operation, Kojamo has rights to the assets 
and obligations for the liabilities relating to the arrange-
ment, whereas a joint venture is an arrangement in which 
Kojamo has rights to the net assets of the arrangement. 
All of Kojamo’s joint arrangements are joint operations. 
They include those housing companies and mutual real 
estate companies in which Kojamo has a holding of less 
than 100 per cent. In these companies, the shares held by 
Kojamo carry entitlement to have control over specified 
premises. 
Kojamo includes in its consolidated financial statements 
on a line-by-line basis and in proportion to its ownership 
its share of the assets and liabilities on the balance sheet 
related to joint operations as well as its share of any joint 
assets and liabilities. In addition, Kojamo recognises its 
income and expenses related to joint operations, including 
its share of the income and expenses from joint opera-
tions. Kojamo applies this proportional consolidation 
method to all the joint operations described hereinabove, 
regardless of Kojamo’s holding. If the proportionally con-
solidated companies have such items on the consolidated 
comprehensive income statement or balance sheet that 
solely belong to Kojamo or other owners, these items are 
dealt with accordingly also in Kojamo’s consolidated fi-
nancial statements.
Associated companies 
Associated companies are entities over which Kojamo 
has considerable influence. Considerable influence is ba-
sically defined as Kojamo holding 20–50 per cent of the 
votes in the company, or Kojamo as otherwise exercising 
considerable influence but not having control in the com-
pany. Holdings in associated companies are consolidated 
in the financial statements using the equity method from 
the date of acquiring considerable influence until the date 
when the considerable influence ends. The Group’s share 
of the results of associated companies is shown in a sep-
arate line on the income statement.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
80 
Hallituksen toimintakertomus ja tilinpäätös 
Group structure 31 December 2022 
 
Associated 
Units 
Subsidiaries 
companies 
Kojamo plc 
11 
1)
3 
Parent companies of sub-groups 
Lumo Kodit Oy 
357 
34 
Lumo Vuokratalot Oy 
10 
3 
2)
Lumo Asumisen Palvelut Oy 
1 
3 
Kojamo Palvelut Oy 
1 
Total 
380 
42 
¹
⁾
 
Includes the parent companies of the sub-groups and 
other subsidiaries listed 
²
⁾
 
1 of the associated company is subsidiary at 
Kojamo Group level
 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding % 
holding % 
Kojamo plc 
Kojamo Holding Oy 
Helsinki 
100.00 
100.00 
Kojamo Palvelut Oy 
Helsinki 
100.00 
100.00 
Lumo Asumisen Palvelut Oy 
Helsinki 
100.00 
100.00 
Lumo Kodit Oy 
Helsinki 
100.00 
100.00 
Lumo Vuokratalot Oy 
Helsinki 
100.00 
100.00 
Lumohousing 10 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 11 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 12 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 2 Oy 
Helsinki 
100.00 
100.00 
VVO Hoivakiinteistöt Oy 
Helsinki 
100.00 
100.00 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding % 
holding % 
Lumo Kodit Oy 
As Oy Helsingin Leikosaarenpuisto 
Helsinki 
98.64 
98.64 
As Oy Helsingin Mustalahdentie 1 
Helsinki 
100.00 
100.00 
As Oy Helsingin Vuopuisto 
Helsinki 
98.71 
98.71 
As Oy Kuopion Havuketo 
Kuopio 
100.00 
100.00 
As Oy Turun Puistokatu 12 
Turku 
100.00 
100.00 
As Oy Vantaan Junkkarinkaari 7 
Vantaa 
100.00 
100.00 
As. Oy Helsingin Haapaniemenkatu 11 
Helsinki 
100.00 
100.00 
As. Oy Kuopion Kaarenkulma 
Kuopio 
100.00 
100.00 
As. Oy Malski 3, Lahti 
Lahti 
100.00 
100.00 
Asunto Oy Espoon Ajurinkuja 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Forstmestarinpiha 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Henttaan Puistokatu 16 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Henttaankaari A 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Jousenpuistonkatu 8 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kilonportti 3 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kirkkojärventie 10 C 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kirkkojärventie 10 D 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kivenlahdenkatu 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Klariksentie 6 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Koivu-Mankkaan tie 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Korkoontie 6 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Koronakatu 1 
Espoo 
100.00 
100.00 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
81 
Hallituksen toimintakertomus ja tilinpäätös 
Asunto Oy Espoon Kulovalkeantie 21 B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Likusterikatu A 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Linnustajankuja 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Luoteisrinne 7 A-D 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Marinkallio 4 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Marinkallio 6 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Marinkallio 8 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Nihtitorpankuja 1A 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Nihtitorpankuja 1D 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Nihtitorpankuja 3 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Niittykatu 15 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Niittykatu 8 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Niittykummuntie 12 B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Niittykummuntie 12 E 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Nöykkiönlaaksontie 7 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Piispanristi 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Rastasniityntie 1 A 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Rastasniityntie 1 B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Reelinkikatu 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Runoratsunkatu 11 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Saunalahdenkatu 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Servinkuja 3 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Soukanrinne 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Suurpelto 44 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Suurpelto 5 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Tietäjäntie 3 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ulappakatu 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Uuno Kailaan katu 4 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Uuno Kailaan katu 5 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Uuno Kailaan katu 6 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Valakuja 8 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäenkuja 14 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäentie 12 A-B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäentie 12 C-D 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäentie 12 E 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäentie 12 F 
Espoo 
100.00 
100.00 
Asunto Oy Helsingin Annankatu 5 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Bahamankatu 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Capellan puistotie 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Eerik VII 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Fregatti Dygdenin kuja 5 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Haapsalunkuja 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hela-aukio 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Helatehtaankatu 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Henrik Borgströmin tie 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hesperiankatu 18 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hilapellontie 2c 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hilapellontie 2d 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hopeatie 9 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Höyrykatu 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Iso Roobertinkatu 30 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Juhana Herttuan tie 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Junailijankuja 9a 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Jätkänkallio 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kadetintie 6 
Helsinki 
100.00 
100.00 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
82 
Hallituksen toimintakertomus ja tilinpäätös 
Asunto Oy Helsingin Kahvipavunkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kahvipavunkuja 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kantelettarentie 15 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Karavaanikuja 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Karhulantie 13 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Karibiankuja 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Katariinankartano 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Katariinankoski 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Katontekijänkuja 1 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kauppakartanonkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kaustisenpolku 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Keinulaudantie 2a 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Keinulaudantie 2b 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Keinulaudantie 2c 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Keinutie 9d 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kellosilta 8b 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kivensilmänkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Klaavuntie 11 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Koirasaarentie 23 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kontulantie 19 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Koskikartano 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kotkankatu 9 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kuuluttajankatu 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lapinmäentie 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lapinmäentie 10 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lauttasaarentie 27 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Leikkikuja 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Leonkatu 21 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Liikkalankuja 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lumo One 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Luotsikatu 1a 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lönnrotinkatu 30 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Maasälväntie 5 ja 9 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Madetojankulma 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Marjatanportti 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Melkonkatu 12 B 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Messeniuksenkatu 1B 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Minervankatu 4 
Espoo 
100.00 
100.00 
Asunto Oy Helsingin Oulunkylän tori 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Palmsenpolku 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Papinpöydänkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Pertunpellontie 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Pertunpellontie 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Plazankuja 5 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Posetiivari 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Punahilkantie 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Punakiventie 13 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Punakiventie 15 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Pärnunkatu 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Ratarinne 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Retkeilijänkatu 1 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Ristipellontie 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Ristiretkeläistenkatu 19 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Risupadontie 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Saariniemenkatu 6 
Helsinki 
100.00 
100.00 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
83 
Hallituksen toimintakertomus ja tilinpäätös 
Asunto Oy Helsingin Strömbergintie 4 E 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Sörnäistenkatu 12 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tankomäenkatu 7 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tankomäenkatu 9 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tenderinlenkki 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tenderinlenkki 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tilketori 2 
Helsinki 
96.81 
96.81 
Asunto Oy Helsingin Tulisuontie 1 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tuulensuunkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Valanportti 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Vanha Helsingintie 20 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Vanhaistentie 1 d 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Vinsentinaukio 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Von Daehnin katu 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Vuorenpeikontie 5 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Välimerenkatu 8 
Helsinki 
100.00 
100.00 
Asunto Oy Hilapellontie 4 
Helsinki 
100.00 
100.00 
Asunto Oy Hyvinkään Astreankatu 27 
Hyvinkää 
100.00 
100.00 
Asunto Oy Hyvinkään Merino 
Hyvinkää 
100.00 
100.00 
Asunto Oy Hyvinkään Mohair 
Hyvinkää 
100.00 
100.00 
Asunto Oy Hyvinkään Värimestarinkaari 3 
Hyvinkää 
100.00 
100.00 
Asunto Oy Hämeenlinnan Aurinkokatu 10 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Hallituskatu 14 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Hilpi Kummilantie 16 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Kajakulma 
Hämeenlinna 
73.97 
73.97 
Asunto Oy Hämeenlinnan Keilakatu 4 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Kummilantie 6 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Linnaniemenkatu 1 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Linnankatu 3b 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Pikkujärventie 9 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Uusi-Jukola 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeentie 48 
Helsinki 
100.00 
100.00 
Asunto Oy Jyväskylän Heinämutka 5 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Honkaharjuntie 14b 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Jontikka 4 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kelokatu 4 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kerkkäkatu 1 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kerkkäkatu 3 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kerkkäkatu 4 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Keskisentie 1 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kilpisenkatu 14 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kyllikinkatu 5 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Mannisenmäentie 6-8 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Mannisenrinne 2 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Runkotie 3b 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Runkotie 5 C 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Tellervonkatu 8 
Jyväskylä 
98.67 
98.67 
Asunto Oy Jyväskylän Tervalankatu 6 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Tiilitehtaantie 44 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Tiilitehtaantie 46 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Väinönkatu 15 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Yliopistonkatu 40b 
Jyväskylä 
100.00 
100.00 
Asunto Oy Järvenpään Antoninkuja 3 
Järvenpää 
100.00 
100.00 
Asunto Oy Järvenpään Metallimiehenkuja 2 
Järvenpää 
100.00 
100.00 
Asunto oy Järvenpään Pajalantie 23 F 
Järvenpää 
100.00 
100.00 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
84 
Hallituksen toimintakertomus ja tilinpäätös 
Asunto Oy Järvenpään Reki-Valko 
Järvenpää 
100.00 
100.00 
Asunto Oy Järvenpään Rekivatro 
Järvenpää 
100.00 
100.00 
Asunto Oy Järvenpään Sibeliuksenkatu 27 
Järvenpää 
100.00 
100.00 
Asunto Oy Kalasääksentie 6 
Espoo 
100.00 
100.00 
Asunto Oy Kauniaisten Asematie 10 
Kauniainen 
100.00 
100.00 
Asunto Oy Kauniaisten Asematie 12-14 
Kauniainen 
100.00 
100.00 
Asunto Oy Kauniaisten Bredantie 8 
Kauniainen 
100.00 
100.00 
Asunto Oy Kauniaisten Kavallinterassit 
Kauniainen 
100.00 
100.00 
Asunto Oy Kauniaisten Thurmaninpuistotie 2 
Kauniainen 
100.00 
100.00 
Asunto Oy Kaustisenpolku 5 
Helsinki 
100.00 
100.00 
Asunto Oy Keravan Eerontie 3 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Palopolku 3 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Santaniitynkatu 17 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Tapulikatu 30 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Tapulitori 1 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Tapulitori 2 
Kerava 
100.00 
100.00 
Asunto Oy Kirkkonummen Vernerinkuja 5 
Kirkkonummi 
100.00 
100.00 
Asunto Oy Kivivuorenkuja 1 
Vantaa 
100.00 
100.00 
Asunto Oy Kivivuorenkuja 3 
Vantaa 
100.00 
100.00 
Asunto Oy Konalantie 14 
Helsinki 
100.00 
100.00 
Asunto Oy Kuopion Haapaniemenkatu 13 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Itkonniemenkatu 4b 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Kelkkailijantie 4 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Sompatie 7 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Sompatie 9 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Tulliportinkatu 30 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Vilhelmiina 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Vuorikatu 22 
Kuopio 
100.00 
100.00 
Asunto Oy Lahden Kauppakatu 38 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Radanpää 6 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Saimaankatu 60 a 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Sorvarinkatu 5 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Vanhanladonkatu 2 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Vihdinkatu 4 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Vihdinkatu 6 
Lahti 
100.00 
100.00 
Asunto Oy Lappeenrannan Gallerianpolku 
Lappeenranta 
100.00 
100.00 
Asunto Oy Lappeenrannan Koulukatu 13 
Lappeenranta 
100.00 
100.00 
Asunto Oy Lappeenrannan Sammonkatu 3-5 B 
Lappeenranta 
100.00 
100.00 
Asunto Oy Lappeenrannan Upseeritie 12 
Lappeenranta 
100.00 
100.00 
Asunto Oy Lintukallionrinne 1 
Vantaa 
100.00 
100.00 
Asunto Oy Mäntsälän Hemmintie 2 
Mäntsälä 
100.00 
100.00 
Asunto Oy Mäntsälän Karhulantie 2 
Mäntsälä 
100.00 
100.00 
Asunto Oy Naantalin Palomäenkatu 5 
Naantali 
100.00 
100.00 
Asunto Oy Nurmijärven Mahlamäentie 16 
Nurmijärvi 
100.00 
100.00 
Asunto Oy Nurmijärven Ratsutilantie 2 
Nurmijärvi 
100.00 
100.00 
Asunto Oy Oulun Kitimenpolku 21 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Koskelantie 19 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Kurkelankuja 1 B 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Peltolankaari 1 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Revonkuja 1 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Tervahanhi 1 
Oulu 
99.10 
99.10 
Asunto Oy Oulun Tietolinja 11 
Oulu 
100.00 
100.00 
Asunto Oy Pirtinketosato 
Kuopio 
63.55 
63.55 
Asunto Oy Pohtolan Kynnys 
Espoo 
100.00 
100.00 
Asunto Oy Pohtolan Kytö 
Espoo 
100.00 
100.00 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
85 
Hallituksen toimintakertomus ja tilinpäätös 
Asunto Oy Rientolanhovi 
Tampere 
100.00 
100.00 
Asunto Oy Rovaniemen Koskikatu 9 
Rovaniemi 
100.00 
100.00 
Asunto Oy Rovaniemen Tukkivartio 
Rovaniemi 
100.00 
100.00 
Asunto Oy Salamankulma 
Turku 
62.99 
62.99 
Asunto Oy Tampereen Keskisenkatu 4 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Keskisenkatu 8 A 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Koipitaipaleenkatu 9 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Lentokonetehtaankatu 5 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Meesakatu 2 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Myrskynkatu 4 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Nuolialantie 44 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Pohtolan Pohja 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Satakunnankatu 21 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Tieteenkatu 3 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Tuomiokirkonkatu 32 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Tutkijankatu 7 
Tampere 
100.00 
100.00 
Asunto Oy Toppilan Tuulentie 2 
Oulu 
100.00 
100.00 
Asunto Oy Tuiran Komuntalo 
Oulu 
100.00 
100.00 
Asunto Oy Turun Ahterikatu 12 
Turku 
100.00 
100.00 
Asunto Oy Turun Aurinkorinne 
Turku 
81.50 
81.50 
Asunto Oy Turun Hippoksentie 31 G 
Turku 
100.00 
100.00 
Asunto Oy Turun Hippoksentie 33 A 
Turku 
100.00 
100.00 
Asunto Oy Turun Kotkankatu 2 
Turku 
100.00 
100.00 
Asunto Oy Turun Laivurinkatu 4 
Turku 
100.00 
100.00 
Asunto Oy Turun Lemminkäisenkatu 17 
Turku 
100.00 
100.00 
Asunto Oy Turun Reelinkikatu 7 
Turku 
100.00 
100.00 
Asunto Oy Turun Riitasuonkatu 28 
Turku 
100.00 
100.00 
Asunto Oy Turun Työnjohtajankatu 1 
Turku 
100.00 
100.00 
Asunto Oy Turun Vänrikinkatu 2 
Turku 
100.00 
100.00 
Asunto Oy Tuusulan Bostoninkaari 2 
Tuusula 
100.00 
100.00 
Asunto Oy Tuusulan Kievarinkaari 4 
Tuusula 
100.00 
100.00 
Asunto Oy Vantaan Antaksentie 3 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Arinatie 10 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Elmontie 11 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Esikkotie 9 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Haltiantie 12 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Haltiantie 14 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Hiiritornit 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kaivokselantie 5 b 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kaivokselantie 5 f 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Keikarinkuja 3 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kielotie 34 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kilterinaukio 4 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kilterinkaari 2 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Krassitie 8 
Vantaa 
98.10 
98.10 
Asunto Oy Vantaan Laajaniityntie 2a 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lauri Korpisen katu 10 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lauri Korpisen katu 8 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lautamiehentie 11 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lautamiehentie 9 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lehtikallio 4 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Leinelänkaari 13 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Leinelänkaari 14 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Leineläntie 10 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Leineläntie 3 
Vantaa 
100.00 
100.00 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
86 
Hallituksen toimintakertomus ja tilinpäätös 
Asunto Oy Vantaan Liesikuja 8 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Martinlaaksonpolku 4 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Neilikkapolku 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pyhtäänkorvenkuja 4 ja 6 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pyhtäänkorventie 15f 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pyhtäänkorventie 25 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pähkinämetsä 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pähkinäpolku 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pähkinärinteentie 41 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Ruukkupolku 14 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Tammistonvuori 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Tarhurintie 6 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Teeritie 
2 
Vantaa 
100.00 
100.00 
Asunto Oy Verkkotie 3 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Vuorikummuntie 9 
Helsinki 
100.00 
100.00 
Asunto Oy Vähäntuvantie 6 
Helsinki 
100.00 
100.00 
Katajapysäköinti Oy 
Tampere 
50.93 
50.93 
Kiint. Oy Taivaskero 2 
Vantaa 
100.00 
100.00 
Kiinteistö Oy Espoon Gräsantörmä 1 C ja D 
Espoo 
100.00 
100.00 
Kiinteistö Oy Helsingin Abrahaminkatu 1 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Agricolankatu 1 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Albertinkatu 40 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Bulevardi 31 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Eerikinkatu 32-36 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Eerikinkatu 38 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 39a 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 39b 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 39c 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 41 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 43 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Onnentie 18 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Sofianlehdonkatu 5 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Somerontie 14 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Tukholmankatu 10 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Kotitontuntie 1 
Espoo 
100.00 
100.00 
Kiinteistö Oy Lintulahdenpenger 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Malminhaka 
Tampere 
90.00 
90.00 
Kiinteistö Oy Mannerheimintie 168 
Helsinki 
82.61 
82.61 
Kiinteistö Oy Saarensahra 
Tampere 
100.00 
100.00 
Kiinteistö Oy Siilinjärven Kirkkorinne 
Siilinjärvi 
100.00 
100.00 
Kiinteistö Oy Tampereen Kyllikinkatu 15 
Tampere 
100.00 
100.00 
Kiinteistö Oy Tuureporin Liiketalo 
Turku 
100.00 
100.00 
Kiinteistö Oy Uuno Kailaan kadun Pysäköinti 
Espoo 
100.00 
100.00 
Kiinteistö Oy Vantaan Karhunkierros 1 C 
Vantaa 
86.58 
86.58 
Kiinteistö Oy Vantaan Pyhtäänpolku 
Vantaa 
100.00 
100.00 
Kiinteistö Oy Ylä-Malmintori 
Helsinki 
100.00 
100.00 
Kiinteistöosakeyhtiö Näsilinnankatu 40 
Tampere 
100.00 
100.00 
Koy Espoon Ylismäentie 12 Pysäköinti 
Espoo 
100.00 
100.00 
Lumo Espoon Ylismäentie Oy 
Helsinki 
100.00 
100.00 
Lumo Hankeyhtiö 2 Oy 
Helsinki 
100.00 
100.00 
Lumo Holding 50 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 13 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 14 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 15 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 16 Oy 
Helsinki 
100.00 
100.00 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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2022 
87 
Hallituksen toimintakertomus ja tilinpäätös 
Lumohousing 17 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 18 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 19 Oy 
Helsinki 
100.00 
100.00 
Ylismäentie Pysäköinti Oy 
Helsinki 
100.00 
100.00 
Associated company of Asunto Oy Helsingin Kantelettarentie 
15 
Kiinteistö Oy Sävelkorttelin Parkkihalli 
Helsinki 
31.19 
65.35 
Associated company of Asunto Oy Helsingin Vanhaistentie 1D 
 
 
 
Kiinteistö Oy Sävelkorttelin Parkkihalli 
Helsinki 
34.16 
65.35 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding % 
holding % 
Lumo Vuokratalot Oy 
Asunto Oy Espoon Asemakuja 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Piilipuuntie 25 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Piilipuuntie 31 
Espoo 
100.00 
100.00 
Asunto Oy Helsingin Vaakamestarinpolku 2 
Helsinki 
100.00 
100.00 
Asunto Oy Kuopion Niemenkatu 5 
Kuopio 
100.00 
100.00 
Asunto Oy Oulun Jalohaukantie 1 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Tuiranmaja 
Oulu 
100.00 
100.00 
Kiinteistö Oy Nummenperttu 
Hämeenlinna 
100.00 
100.00 
Kiinteistö Oy Vehnäpelto 
Vantaa 
100.00 
100.00 
A subsidiary of Kiinteistö Oy Vehnäpelto 
Kiinteistö Oy Viljapelto 
Vantaa 
55.56 
55.56 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding % 
holding % 
Kojamo Palvelut Oy 
Piispanristin Pysäköinti Oy 
Espoo 
100.00 
100.00 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding % 
holding % 
Kojamo Palvelut Oy
 
Parent company 
Group 
Associated companies and joint arrangements 
holding % 
holding % 
Kojamo plc 
Asunto Oy Nilsiän Ski 
Nilsiä 
28.33 
28.33 
SV-Asunnot Oy 
Helsinki 
50.00 
50.00 
Lumo Asumisen Palvelut Oy 
Louhen Pysäköinti Oy 
Helsinki 
32.00 
32.00 
Kiinteistö Oy Espoon Pegasos Pysäköinti 
Espoo 
27.23 
27.23 
Haltian Pysäköinti Oy 
Vantaa 
39.25 
39.25 
Lumo Kodit Oy 
Asunto Oy Espoon Otsonkulma 
Espoo 
28.98 
28.98 
Fastighets Ab Lovisa Stenborg Kiinteistö Oy 
Loviisa 
45.50 
45.50 
Hatanpäänhovin Pysäköinti Oy 
Tampere 
41.88 
41.88 
Kiinteistö Oy Bäckisåker 
Espoo 
50.00 
50.00 
Kiinteistö Oy Jyväskylän Torikulma 
Jyväskylä 
42.63 
42.63 
Kiinteistö Oy Lappeenrannan Koulukatu 1 
Lappeenranta 
24.45 
24.45 
Kiinteistö Oy Mannerheimintie 40 
Helsinki 
29.42 
29.42 
Kiinteistö Oy Myllytullin Autotalo 
Oulu 
24.39 
24.39 
Kiinteistö Oy Oulun Tullivahdin Parkki 
Oulu 
33.60 
33.60 
Kiinteistö Oy Pohjois-Suurpelto 
Espoo 
50.00 
50.00 
Kiinteistö Oy Tampereen Tieteen Parkki 
Tampere 
41.71 
41.71 
Lehtolantien Pysäköinti Oy 
Riihimäki 
22.60 
22.60 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
88 
Hallituksen toimintakertomus ja tilinpäätös 
Leinelän Kehitys Oy 
Vantaa 
20.00 
20.00 
Lintulammenkadun Pysäköintilaitos oy 
Kerava 
39.19 
39.19 
Marin autopaikat Oy 
Espoo 
21.00 
21.00 
Mummunkujan pysäköinti Oy 
Tampere 
26.51 
26.51 
Paavolan Parkki Oy 
Lahti 
24.93 
32.98 
Pihlajapysäköinti Oy 
Tampere 
30.56 
30.56 
Ristikedonkadun Lämpö Oy 
Salo 
34.40 
34.40 
Ruukinpuiston Pysäköinti Oy 
Kerava 
23.49 
23.49 
Ruukuntekijäntien paikoitus Oy 
Vantaa 
26.24 
26.24 
SKIPA Kiinteistöpalvelut Oy 
Espoo 
20.63 
20.63 
Suurpellon Kehitys Oy 
Espoo 
50.00 
50.00 
Virvatulentien Pysäköinti Oy 
Helsinki 
25.15 
25.15 
Asunto Oy Vantaan Lehtikallio 4: 
Kiinteistö Oy Lehtikallion pysäköinti 
Vantaa 
39.84 
39.84 
Asunto Oy Järvenpään Sibeliuksenkatu 27: 
Kiinteistö Oy Järvenpään Tupalantalli 
Järvenpää 
33.51 
33.51 
Asunto Oy Vantaan Leinelänkaari 13: 
Leinelänkaaren Pysäköinti Oy 
Vantaa 
21.63 
21.63 
Asunto Oy Oulun Revonkuja 1: 
Kiinteistö Oy Revonparkki 
Oulu 
20.37 
20.37 
Asunto Oy Tampereen Keskisenkatu 4: 
Kiinteistö Oy Tampereen Seponparkki 
Tampere 
29.91 
45.98 
Asunto Oy Vantaan Arinatie 10: 
Kiinteistö Oy Arinaparkki Vantaa 
Vantaa 
25.59 
25.59 
Asunto Oy Lahden Radanpää 6: 
Asemantaustan Pysäköinti Oy 
Lahti 
39.76 
39.76 
Asunto Oy Espoon Ajurinkuja 1: 
Kiinteistö Oy Valliparkki 
Espoo 
31.31 
31.31 
Asunto Oy Vantaan Lautamiehentie 9: 
Sandbackan Autopaikat Oy 
Vantaa 
24.62 
44.23 
Asunto Oy Espoon Forstmestarinpiha 2: 
Kiinteistö Oy Espoon Lehto 
Espoo 
25.00 
25.00 
Lumo Vuokratalot Oy 
Asunto Oy Viljapelto 
Vantaa 
21.11 
76.67 
Kiinteistö Oy Keinulaudantie 4 
Helsinki 
41.62 
41.62 
Pajalan Parkki Oy 
Järvenpää 
31.44 
44.06
7.4 Effects of Russia’s war of aggression in 
Ukraine and the COVID-19 pandemic 
Kojamo has assessed the impacts of Russia’s war of aggres-
sion in Ukraine and the COVID-19 pandemic on the Group’s 
profit, balance sheet and cash flow and determined that the 
pandemic did not have a significant impact on the items in 
question during the financial year.
7.5 Events after the financial year 
On 16 January 2023, Kojamo plc announced as a stock ex-
change release that The Shareholders’ Nomination Board of 
Kojamo plc presents to the Annual General Meeting of Kojamo 
to be held on 16 March 2023 proposal of members of the 
Board of Directors, Mikael Aro to be elected as Chairman of 
the Board and the current members Kari Kauniskangas, Anne 
Leskelä, Mikko Mursula, Catharina Stackelberg-Hammarén, 
Annica Ånäs and Andreas Segal. In addition it is proposed to 
the Annual General Meeting that Members of the Board will be 
paid the following annual fees: Chairman of the Board EUR 
72,500.00, Vice Chairman of the Board EUR 43,000.00, Mem-
bers of the Board EUR 36,000.00 and Chairman of the Audit 
Committee EUR 43,000.00. Annual fee is proposed to be paid 
as company shares and cash so that approximately 40 per 
cent of the annual fee will be paid as Kojamo plc’s shares and 
the rest will be paid in cash. In addition, the Nomination Board 
proposes that an attendance allowance of EUR 700.00 be paid 
for each meeting. 
On 18 January 2023, Kojamo plc announced as a stock ex-
change release that Janne Ojalehto (MBA) has been ap-
pointed as Executive Vice President and a member of Man-
agement team at Kojamo plc.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
89 
Hallituksen toimintakertomus ja tilinpäätös 
Key figures, the formulas used in their calculation, and reconciliation 
calcula-
tions in accordance with ESMA guidelines 
 
Formula 
2022 
2021 
2020 
2019 
2018 
Total revenue, M€ 
413.3 
391.7 
383.9 
375.3 
358.8 
Net rental income, M€ 
1 
280.1 
262.3 
257.6 
247.3 
234.0 
Net rental income margin, % 
2 
67.8 
67.0 
67.1 
65.9 
65.2 
Profit/loss before taxes, M€ 
3 
-499.8 
1,278.9 
391.2 
1,031.3 
277.3 
EBITDA, M€ 
4 
-441.3 
1,334.8 
447.6 
1,083.1 
325.1 
EBITDA margin, % 
5 
-106.8 
340.8 
116.6 
288.6 
90.6 
Adjusted EBITDA, M€ 
6 
240.4 
228.5 
222.6 
210.3 
196.5 
Adjusted EBITDA margin, % 
7 
58.2 
58.3 
58.0 
56.0 
54.8 
Funds From Operations (FFO), M€ ¹
⁾
8 
160.7 
153.1 
151.4 
140.7 
116.4 
FFO margin, % 
9 
38.9 
39.1 
39.5 
37.5 
32.4 
Funds From Operations (FFO) 
per share, € ²
⁾
10 
0.65 
0.62 
0.61 
0.57 
0.49 
FFO excluding non-recurring costs, M€ 
11 
160.7 
153.1 
151.4 
140.7 
117.3 
Adjusted Funds From Operations 
(AFFO), M€ 
12 
138.2 
141.1 
124.3 
110.0 
92.7 
Investment properties, M€ ³
⁾
8,150.2 
8,327.5 
6,863.1 
6,260.8 
5,093.2 
Financial occupancy rate, % 
26 
92.0 
93.9 
96.4 
97.2 
97.0 
Interest-bearing liabilities, M€ 
13 
3,678.2 
3,334.5 
3,053.3 
2,674.2 
2,485.5 
Return on equity, % (ROE) 
14 
-9.9 
27.0 
9.8 
30.3 
10.1 
Return on investment, % (ROI) 
15 
-5.7 
19.2 
7.4 
20.5 
7.2 
Equity ratio, % 
16 
45.3 
49.0 
45.6 
46.9 
43.0 
Loan to Value (LTV), % ⁴
⁾
17 
43.7 
37.7 
41.4 
40.5 
45.9 
Unencumbered asset ratio, % 
18 
87.1 
86.3 
79.4 
69.8 
65.8 
Coverage ratio 
19 
3.8 
3.9 
4.1 
4.2 
4.3 
Solvency ratio 
20 
0.42 
0.36 
0.39 
0.39 
0.43 
Secured solvency ratio 
21 
0.09 
0.09 
0.14 
0.20 
0.25 
Earnings per share, € ²
⁾
 
-1.62 
4.14 
1.27 
3.34 
0.93 
Equity per share, € ²
⁾
 
15.55 
17.25 
13.39 
12.51 
9.54 
Dividend/share, € ²
⁾
 
⁵
⁾
 
0.39 
0.38 
0.37 
0.34 
0.29 
Dividend/earnings, % 
22 
- 
9.2 
29.1 
10.2 
31.2 
Price/Earnings ratio (P/E) 
23 
- 
5.1 
14.3 
4.9 
8.7 
Effective dividend yield, % 
24 
2.8 
1.8 
2.0 
2.1 
3.6 
Gross investments, M€ 
25 
501.6 
356.9 
371.2 
259.9 
365.2 
Average number of personnel 
316 
321 
315 
305 
319 
¹
⁾
 
The formula used in the calculation was 
changed 2021 regarding current taxes from disposals. The 
comparison figures for 2020 have been 
adjusted to reflect the current calculation method 
²
⁾
 
Key figures per share have been adjusted to 
reflect the impact of the decision by the Extraordinary 
General Meeting of Shareholders on 25 
May 2018 regarding the share split. In the share split, 
the shareholders received 30 new shares per each 
existing share 
³
⁾
 
Including Non-current assets held for sale 
⁴
⁾
 
Excluding Non-current assets held for sale 
⁵
⁾
 
2022: the Board of Directors proposes to the 
Annual General Meeting that a dividend of 
EUR 0.39 per share to be paid 

 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
90 
Hallituksen toimintakertomus ja tilinpäätös 
Alternative Performance Measures 
Kojamo presents Alternative Performance Measures to illus-
trate the financial development of its business operations and 
improve comparability between reporting periods. The Alterna-
tive Performance Measures, i.e. performance measures that 
are not based on financial reporting standards, provide signifi-
cant additional information for the management, investors, an-
alysts and other parties. The Alternative Performance 
Measures should not be considered substitutes for IFRS per-
formance measures. 
Formulas used in the calculation of the key figures 
Alternative Performance Measures specified in accordance with ESMA Guidelines 
1) 
Net rental income 
= 
Total 
revenue - Maintenance expenses - Repair expenses 
Net rental income measures the profitability of the 
Group’s rental business after the deduction of 
maintenance and repair costs. 
2) 
Net rental income 
= 
Net rental income 
x 100 
margin, % 
Total 
revenue 
This figure reflects the ratio between net rental income 
and total revenue. 
Net rental income - Administrative expenses + Other operating income - Other operating 
3) 
Profit/loss before taxes 
= 
expenses +/- Profit/loss on sales of investment properties +/- Profit/loss on sales of trading 
properties +/- Profit/loss on fair value of investment properties - Depreciation, amortisation 
and impairment losses +/- Financial income and expenses +/- Share of result from 
associated companies 
Profit/loss before taxes measures profitability after operative 
costs and financial expenses. 
Profit/loss for the period + Depreciation, amortisation and impairment losses -/+ Financial 
4) 
EBITDA 
= 
income and expenses -/+ Share of result from associated companies + Current tax 
expense + Change in deferred taxes 
EBITDA measures operative profitability before financial expenses, 
taxes and depreciation. 
5) 
EBITDA 
= 
EBITDA 
x 100 
margin, % 
Total 
revenue 
EBITDA margin discloses EBITDA in relation to net 
sales. 
Profit/loss for the period + Depreciation, amortisation and impairment losses -/+ Profit/loss 
6) 
Adjusted 
= 
on sales of investment properties -/+ Profit/loss on sales of trading properties -/+ Profit/loss 
EBITDA 
on sales of other non-current assets -/+ Profit/loss on fair value of investment properties 
for the period -/+ Financial income and expenses -/+ Share of result from associated 
companies+ Current tax expense + Change in deferred taxes 
Adjusted EBITDA measures the profitability of the Group’s underlying 
rental operations excluding 
gains/losses on sale of properties and unrealised value 
changes of investment properties. 
7) 
Adjusted EBITDA 
= 
Adjusted EBITDA 
x 100 
margin, % 
Total 
revenue 
Adjusted EBITDA margin discloses adjusted EBITDA in 
relation to total revenue. 

 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
91 
Hallituksen toimintakertomus ja tilinpäätös 
8) 
Funds From 
= 
Adjusted EBITDA - Adjusted net interest charges - Current tax expense +/- Current 
Operations (FFO) 
taxes from disposals 
FFO measures cash flow before change in net working 
capital. The calculation of this APM takes 
into account financial expenses and current taxes 
but excludes items not directly 
connected to rental operations, such as unrealised 
value changes. 
9) 
FFO margin, % 
= 
FFO 
x 100 
Total 
revenue 
FFO margin discloses FFO in relation to total revenue. 
10) 
FFO per share 
= 
FFO 
Weighted average number of shares outstanding during the financial period 
FFO per share illustrates FFO for an individual 
share. 
11) 
FFO excluding 
= 
FFO + non-recurring costs 
non-recurring costs 
FFO measures cash flow before change in net working 
capital. The calculation of this APM takes into 
account financial expenses and current taxes 
but excludes items not directly connected to rental 
operations, such as unrealised value changes 
and non-recurring costs. 
12) 
Adjusted FFO (AFFO) 
= 
FFO - Modernisation investments 
AFFO measures cash flow before change in net working 
capital, adjusted for modernisation 
investments. The calculation of this APM takes into account 
modernisation investments, financial 
expenses and current taxes but excludes items not 
directly connected to rental operations, such as 
unrealised value changes. 
13) 
Interest-bearing liabilities 
= 
Non-current loans and borrowings + Current loans and borrowings 
Interest-bearing liabilities measures the Group’s total debt. 
14) 
Return on 
= 
Profit for the period (annualised) 
x 100 
equity, % (ROE) 
Total 
equity, average during the period 
ROE measures the financial result in relation to 
equity. This APM illustrates Kojamo’s ability to 
generate a return for the shareholders. 
15) 
Return on 
= 
(Profit before taxes + Interests and other financial expenses) (annualised) 
x 100 
investment, % (ROI) 
(Total 
assets - Non-interest-bearing liabilities), average during the period 
ROI measures the financial result in relation to invested 
capital. 
This APM illustrates Kojamo’s ability to generate a return 
on the invested funds. 
16) 
Equity ratio, % 
= 
Total 
equity 
x 100 
Balance sheet total - Advances received 
Equity to assets is an APM for balance sheet structure 
that discloses the ratio of equity to total capital. 
This APM illustrates the Group’s financing structure. 

 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
92 
Hallituksen toimintakertomus ja tilinpäätös 
17) 
Loan to Value (LTV), 
% 
= 
Interest-bearing liabilities - Cash and cash equivalents 
x 100 
Investment properties 
Loan to value discloses the ratio of net debt 
to investment properties. This APM illustrates the 
Group’s indebtedness. 
18) 
Unencumbered asset 
= 
Unencumbered assets 
x 100 
ratio, % 
Assets total 
This APM illustrates the amount of unencumbered 
assets relative to total assets. 
19) 
Coverage ratio 
= 
Adjusted EBITDA, rolling 12 months 
Adjusted net financial expenses, rolling 12 months 
The ratio between EBITDA and net financial expenses. 
This APM illustrates the Group’s ability to 
service its debts. 
20) 
Solvency ratio 
= 
Interest-bearing debt* - Cash and cash equivalents 
Assets total 
The solvency ratio illustrates the ratio of net debt 
to total assets. 
*For this APM, interest-bearing debt includes 
interest-bearing liabilities, interest-bearing debt related 
to 
non-current assets held for sale and transaction 
prices due after more than 90 days. 
21) 
Secured solvency ratio 
= 
Secured interest-bearing liabilities 
Assets total 
This APM illustrates the ratio of secured loans to 
total assets 
22) 
Dividend/earnings, % 
= 
Dividend per share 
x 100 
Earnings per share 
Dividend/earnings measures the ratio of dividends 
to earnings. This APM illustrates how large 
a proportion of its earnings the Group distributes 
to its shareholders. 
23) 
Price/Earnings ratio 
= 
Closing price of the share 
(P/E) 
Earnings per share 
The P/E ratio illustrates the ratio between the share 
price and earnings per share. This APM 
illustrates the share’s payback period based on the closing 
price and current earnings. 
24) 
Effective 
= 
Dividend per share 
x 100 
dividend yield, % 
Closing price of the share 
Effective dividend yield illustrates the ratio between earnings 
per share and the share price. 
25) 
Gross investments 
= 
Acquisition and development of investment properties + Modernisation investments + 
Capitalised borrowing costs 
This APM illustrates total investments including acquisitions, 
development investments, modernisation 
investments and capitalised interest. 
Other performance measures 
26) 
Financial 
= 
Rental income 
x 100 
occupancy rate, % 
Potential rental income at full occupancy 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
93 
Hallituksen toimintakertomus ja tilinpäätös 
Reconciliation of key indicators 
M€ 
2022 
2021 
2020 
2019 
2018 
Profit/loss for the period 
-399.8 
1,023.4 
312.9 
825.2 
221.8 
Depreciation, amortisation and impairment 
1.2 
1.2 
1.3 
1.1 
0.8 
Profit/loss on sales of investment properties 
-0.2 
-0.3 
0.7 
-0.1 
-1.0 
Profit/loss on sales of trading properties 
0.0 
- 
- 
-0.2 
-0.1 
Profit/loss on sales of other non-current assets 
0.0 
-0.3 
- 
0.0 
0.0 
Profit/loss on fair value of investment properties 
682.0 
-1,105.7 
-225.8 
-872.4 
-127.5 
Financial income 
-9.6 
-4.8 
-1.8 
-2.6 
-3.2 
Financial expenses 
67.0 
59.7 
57.0 
53.4 
50.3 
Share of result from associated companies 
-0.1 
-0.1 
-0.2 
-0.2 
-0.2 
Current tax expense 
17.3 
18.8 
16.9 
19.9 
34.1 
Change in deferred taxes 
-117.2 
236.7 
61.5 
186.2 
21.4 
Adjusted EBITDA 
240.4 
228.5 
222.6 
210.3 
196.5 
Financial income and expenses 
-57.4 
-54.9 
-55.3 
-50.8 
-47.1 
Profit/loss on fair value measurement of financial 
assets 
-5.3 
-3.2 
1.0 
1.1 
1.2 
Adjusted net interest charges 
-62.7 
-58.1 
-54.2 
-49.7 
-46.0 
Current taxes from disposals 
0.2 
1.5 
-0.1 
n/a 
n/a 
Current tax expense 
-17.3 
-18.8 
-16.9 
-19.9 
-34.1 
FFO 
160.7 
153.1 
151.4 
140.7 
116.4 
Non-recurring costs 
- 
- 
- 
- 
0.8 
FFO excluding non-recurring costs 
160.7 
153.1 
151.4 
140.7 
117.3 
Equity 
3,842.7 
4,263.3 
3,309.5 
3,090.6 
2,358.1 
Assets total 
8,482.3 
8,716.8 
7,261.5 
6,590.4 
5,485.4 
Advances received 
-6.2 
-6.6 
-6.6 
-6.7 
-6.1 
Equity ratio, % 
45.3 
49.0 
45.6 
46.9 
43.0 
Unencumbered investment properties 
7,008.2 
7,084.2 
5,327.0 
4,296.3 
3,241.7 
Non-current assets, other than investment properties 
142.3 
94.2 
97.6 
25.6 
24.4 
Current assets 
238.9 
340.5 
342.7 
277.6 
341.1 
Unencumbered assets total 
7,389.3 
7,518.8 
5,767.3 
4,599.6 
3,607.2 
Total assets 
8,482.3 
8,716.8 
7,261.5 
6,590.4 
5,485.4 
Unencumbered asset ratio, % 
87.1 
86.3 
79.4 
69.8 
65.8 
Adjusted EBITDA, rolling 12 months 
240.4 
228.5 
222.6 
210.3 
196.5 
Adjusted net interest charges, rolling 12 
months 
-62.7 
-58.1 
-54.2 
-49.7 
-46.0 
Coverage ratio 
3.8 
3.9 
4.1 
4.2 
4.3 
Interest-bearing liabities 
3,678.2 
3,334.5 
3,053.3 
2,674.2 
2,485.5 
Deferred purchase price due after 90 days 
- 
- 
- 
8.7 
19.7 
Cash and cash equivalents 
119.4 
197.0 
210.5 
137.3 
150.1 
Total indebtedness- 
Cash and cash equivalents 
3,558.8 
3,137.5 
2,842.8 
2,545.6 
2,355.2 
Total assets 
8,482.3 
8,716.8 
7,261.5 
6,590.4 
5,485.4 
Solvency ratio 
0.42 
0.36 
0.39 
0.39 
0.43 
Secured loans 
780.7 
809.5 
1,048.5 
1,298.1 
1,367.0 
Total assets 
8,482.3 
8,716.8 
7,261.5 
6,590.4 
5,485.4 
Secured solvency ratio 
0.09 
0.09 
0.14 
0.20 
0.25 

 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
94 
Hallituksen toimintakertomus ja tilinpäätös 
PARENT COMPANY’S FINANCIAL STATEMENTS 
Parent company’s income statement, FAS 
€ 
Note 
1-12/2022 
1-12/2021 
Rental income 
458,760.72 
442,424.28 
Sales revenue from administration 
12,738,978.00 
10,351,789.68 
Total revenue 
1 
13,197,738.72 
10,794,213.96 
Other operating income 
2 
- 
319,362.38 
Personnel costs 
3 
-4,163,339.44 
-3,165,742.57 
Depreciation, amortisation and impairment losses 
4 
-272,914.17 
-238,824.91 
Other operating expenses 
5 
-12,779,120.58 
-9,093,471.00 
Operating profit/loss 
-4,017,635.47 
-1,384,462.14 
Investment income 
6,000.00 
6,000.00 
Financial income 
48,706,918.17 
42,264,135.98 
Value adjustments in investments held as current assets 
-902,860.39 
-55,294.30 
Financial expenses 
-47,164,988.71 
-39,389,652.54 
Total amount of financial income and expenses 
6 
645,069.07 
2,825,189.14 
Profit/loss before appropriations and taxes 
-3,372,566.40 
1,440,727.00 
Appropriations 
7 
49,810,100.00 
54,508,725.00 
Income taxes 
8 
-9,326,991.24 
-10,898,613.61 
Profit/loss for the period 
37,110,542.36 
45,050,838.39

 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
95 
Hallituksen toimintakertomus ja tilinpäätös 
Parent company’s balance sheet, FAS 
€ 
Note 
31 Dec 2022 
31 Dec 2021 
ASSETS 
Non-current assets 
Intangible assets 
9 
Intangible rights 
- 
8,241.96 
Other long-term expenses 
629,555.80 
685,098.01 
Intangible assets, total 
629,555.80 
693,339.97 
Tangible assets 
10 
Land and water areas 
4,520,734.02 
4,520,734.02 
Machinery and equipment 
345,649.75 
252,582.55 
Other tangible assets 
187,206.12 
187,206.12 
Tangible assets, total 
5,053,589.89 
4,960,522.69 
Investments 
11 
Shares in subsidiaries 
82,273,943.02 
82,273,943.02 
Shares in associates 
176,951.96 
176,951.96 
Other securities and shares 
594,029.89 
658,182.32 
Investments, total 
83,044,924.87 
83,109,077.30 
Non-current assets, total 
88,728,070.56 
88,762,939.96 
Current assets 
Non-current receivables 
12 
2,694,328,897.52 
2,424,493,006.87 
Current receivables 
13 
270,263,963.41 
89,583,735.28 
Finacial securities 
14 
90,851,215.89 
115,048,868.89 
Cash and cash equivalents 
73,576,618.41 
128,918,990.09 
Current assets, total 
3,129,020,695.23 
2,758,044,601.13 
ASSETS 
3,217,748,765.79 
2,846,807,541.09 
SHAREHOLDERS EQUITY AND LIABILITIES 
Comprehensive income 
15 
Share capital 
58,025,136.00 
58,025,136.00 
Share premium reserve 
35,786,180.04 
35,786,180.04 
Contingency fund 
16,920.33 
16,920.33 
Reserve for Invested unrestricted equity 
167,856,001.50 
167,856,001.50 
Retained earnings 
46,722,330.94 
96,204,375.47 
Profit for total period 
37,110,542.36 
45,050,838.39 
Total equity 
345,517,111.17 
402,939,451.73 
Liabilities 
Non-current liabilities 
16 
2,552,127,711.62 
2,354,344,715.36 
Current liabilities 
17 
320,103,943.00 
89,523,374.00 
Total liabilities 
2,872,231,654.62 
2,443,868,089.36 
SHAREHOLDERS EQUITY AND LIABILITIES 
3,217,748,765.79 
2,846,807,541.09

 
Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
96 
Hallituksen toimintakertomus ja tilinpäätös 
Parent company’s cash flow statement, FAS 
€ 
1-12/2022 
1-12/2021 
Cash flow from operating activities 
Profit/loss before appropriations and taxes 
-3,372,566.40 
1,440,727.00 
Adjustments: 
Planned depreciation and impairment 
272,914.17 
238,824.91 
Asset purchase 
0.22 
-15,040.49 
Financial income and expenses 
-1,547,929.46 
-2,880,483.44 
Other adjustments 
-573,858.87 
-1,181,413.63 
Cash flow from operating activities before 
change in working capital 
-5,221,440.34 
-2,397,385.65 
Change in working capital: 
Change in trade and other receivables 
-2,426,783.44 
-118,155.93 
Change in trade and other payables 
-614,465.14 
-2,763,784.83 
Cash flow from operating activities before 
financial items, provisions and taxes 
-8,262,688.92 
-5,279,326.41 
Interest paid and payments on other operational 
financial costs 
-39,390,960.49 
-38,193,622.37 
Financial income from operating activities Direct 
taxes paid 
4,896,582.35 
12,896,625.09 
Direct taxes paid 
-2,204,285.23 
-13,183,307.46 
Cash flow from operating activities 
-44,961,352.29 
-43,759,631.15 
Cash flow from investing activities 
Acquistion of property, plant and equipment and intangible assets 
-375,874.90 
-433,995.95 
Capital gains from the disposal of tangible and intangible 
assets 
- 
2,000.00 
Capital gains on other investments 
20,000.00 
468,096.00 
Non-current loans, granted 
-470,000,000.00 
-952,000,000.00 
Subsidiary shares acquired 
- 
-50,000.00 
Subsidiary shares divested 
- 
344,557.50 
Financial securities acquired 
-140,991,008.37 
-95,591,572.04 
Capital gains from financial securities 
165,244,868.91 
84,503,412.80 
Interest and dividends received on investments 
43,620,650.60 
29,377,664.99 
Cash flow from investing activities 
-402,481,363.76 
-933,379,836.70 
Cash flow from financing activities 
Non-current loans and borrowings, raised 
450,000,000.00 
400,000,000.00 
Non-current loans and borrowings, repayments 
-50,800,000.00 
-800,000.00 
Current loans and borrowings, raised 
205,438,139.03 
199,915,900.92 
Current loans and borrowings, repayments 
-224,878,551.15 
-199,925,545.42 
Change in the Group's internal bank 
51,746,903.11 
572,079,806.29 
Dividens paid 
-93,914,871.62 
-91,443,427.63 
Group contributions received 
54,508,725.00 
69,781,733.00 
Cash flow from financing activities 
392,100,344.37 
949,608,467.16 
Change in cash and cash equivalents 
-55,342,371.68 
-27,531,000.69 
Cash and cash equivalents at the beginning 
of the period 
128,918,990.09 
156,449,990.78 
Cash and cash equivalents at the end of 
the period 
73,576,618.41 
128,918,990.09

Hallituksen toimintakertomus ja tilinpäätös 
Board of Directors’ Report and Financial Statements 
2022 
97 
Hallituksen toimintakertomus ja tilinpäätös 
Parent company accounting policies
Kojamo plc’s financial statement have been prepared in ac-
cordance with the provisions of the Finnish Accounting Act and 
the Finnish Limited Liability Companies Act. 
Income related to rental operations and com-
pensation for administration costs 
Income related to rental operations and compensation for ad-
ministration costs are recognised on an accrual basis during 
the agreement period. 
Valuation of fixed assets 
Tangible 
and intangible assets are recognised in the balance 
sheet at the original acquisition cost less depreciation accord-
ing to plan and possible impairment. Depreciations according 
to plan are calculated as straight-line depreciation on the basis 
of the estimated useful life of the assets. 
The depreciation periods according to plan, based on the use-
ful life, are as follows: 
IT hardware and software 
4–5 years 
Base stations 
7 years 
Multifunction devices 
6–8 years 
Costs that arise later are included in the carrying amount of a 
tangible asset only if it is likely that the future economic benefit 
related to the asset will benefit the Group. Other repair and 
maintenance costs are recognised as incurred through profit 
and loss. 
Capital gains from the sale of fixed assets are recorded under 
other operating income and losses under other operating ex-
penses. 
Development expenditure 
Capitalised development costs, depreciation periods and 
methods (Finnish Accounting Act 2:4.1, paragraph 3). 
Development expenses are capitalised as intangible assets 
when it can be shown that a development project will generate 
a probable future economic benefit and costs attributable to 
the development stage can be reliable measured. 
Capitalised development costs are presented as a separate 
item and depreciated over their useful life, at most 10 years. 
Other development costs are recognised in the income state-
ment when they are incurred. Previously recognized develop-
ment costs are not capitalised in subsequent periods. 
Valuation of financial assets 
Financial securities have been recognised at the lower of cost 
or market price on the balance sheet date. 
Statutory provisions 
Future costs and apparent losses with a reasonably estimable 
monetary value which will no longer generate future income 
and which Kojamo is obligated or committed to perform are 
recognised as expenses in the income statement and as statu-
tory provisions in the balance sheet. 
Accumulated appropriations 
Appropriations consist of accumulated depreciation differ-
ences. 
Accrual of pension costs 
The pension cover of Group companies is handled by external 
pension insurance companies in all respects. Pension costs 
are recognised as costs in the income statement on an accrual 
basis. 
Accounting principles for the cash flow state-
ment 
The cash flow statement has been compiled on the basis of 
the information in the income statement and balance sheet 
and their supplementary information. 
Cash and cash equivalents include bank accounts, liquid de-
posit notes and certificates of deposit. 
Items denominated in foreign currencies 
All of the receivables and liabilities are euro-denominated. 
Derivative instruments 
Changes in the fair value of derivative instruments are pre-
sented in the notes to the financial statement. 
Derivative instruments that hedge against the interest rate 
risks of long-term loans have not been entered into the bal-
ance sheet. They are reported in the notes to the financial 
statement. 
The interest income and expenses based on derivative instru-
ments are allocated over the agreement period and are used 
to adjust the interest rates of the hedged assets.

 
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Hallituksen toimintakertomus ja tilinpäätös 
Notes to the parent company financial statements 
1. Total revenue 
€ 
1-12/2022 
1-12/2021 
Intragroup revenue 
Plot rental income 
334,220.52 
322,318.80 
Rental income, total 
334,220.52 
322,318.80 
Central administration services 
8,363,038.00 
7,118,397.00 
IT rental income 
4,375,940.00 
3,229,642.79 
Other sales revenue from administration 
- 
3,749.89 
Other sales revenue, total 
12,738,978.00 
10,351,789.68 
Intragroup revenue, total 
13,073,198.52 
10,674,108.48 
Other operating revenue 
Plot rental income 
124,540.20 
120,105.48 
Other operating revenue, total 
124,540.20 
120,105.48 
Revenue, total 
13,197,738.72 
10,794,213.96 
2. Other operating income 
€ 
1-12/2022 
1-12/2021 
Capital gains on fixed assets 
- 
297,030.63 
Income from debt collection 
- 
7,186.63 
Other operating income 
- 
15,145.12 
Total 
- 
319,362.38 
3. Personnel costs 
€ 
1-12/2022 
1-12/2021 
Wages, salaries and fees 
3,347,832.35 
2,402,022.92 
Pension costs 
737,251.02 
694,246.51 
Other employer contributions 
78,256.07 
69,473.14 
Total 
4,163,339.44 
3,165,742.57 
The management’s performance bonuses have been calcu-
lated based on the closing price on 31 December 2022.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Hallituksen toimintakertomus ja tilinpäätös 
Wages, salaries and fees paid to the CEO, the Board of Directors and the Board’s committees 
€ 
1-12/2022 
1-12/2021 
CEO Jani Nieminen 
969,966.96 
1,220,834.85 
Fees paid to the Board of Directors and Board 
committees 
Mikael Aro 
78,825.00 
74,075.00 
Matti Harjuniemi 
44,950.00 
41,425.00 
Kari Kauniskangas 
35,250.00 
- 
Anne Leskelä 
51,450.00 
47,925.00 
Minna Metsälä 
9,700.00 
40,825.00 
Mikko Mursula 
50,850.00 
47,925.00 
Heli Puura 
- 
9,925.00 
Reima Rytsölä 
44,950.00 
40,825.00 
Catharina von Stackelberg-Hammarén 
44,350.00 
31,500.00 
Total 
1,330,291.96 
1,555,259.85 
2022 
2021 
Average number of personnel 
21 
24 
For the 2022–2023 term of office, the Board of Directors and 
the Board committees have been paid fees totalling EUR 
362,200.00, of which EUR 360,325.00 is allocated to the finan-
cial year 2022. The annual fee paid for the term of office begin-
ning from the Annual General Meeting of 16 March 2022 was 
paid 60 per cent in cash and 40 per cent as shares. 
Kojamo plc’s CEO and Management Team 
receive total pay 
and their retirement age is 63 years. The pension liability is off-
set by a pension insurance plan, in which an insurance pre-
mium corresponding to two months’ taxable income is paid an-
nually into a group pension insurance plan. The period of no-
tice for terminating the CEO’s employment is 12 months. In 
2022, 
the cost of the Finnish statutory pension plan for the 
CEO was EUR 108,747.19 (110,617.70), and payments to the 
voluntary pension plan amounted to EUR 67,332.52 
(66,337.46). 
In 2022, the cost of the Finnish statutory pension plan for the 
whole Management Team 
was 357,430.89 (362,214.28), and 
payments to the voluntary pension plan amount to EUR 
229,846.96 (224,985.30).
4. Depreciation according to plan 
€ 
1-12/2022 
1-12/2021 
Intangible assets 
8,241.96 
20,809.20 
Other long-term expenses 
Development expenses 
168,275.41 
100,405.84 
Other long-term expenses, total 
168,275.41 
100,405.84 
Machinery and equipment 
96,396.80 
117,609.87 
Total 
272,914.17 
238,824.91 

 
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Hallituksen toimintakertomus ja tilinpäätös 
5. Other operating expenses 
€ 
1-12/2022 
1-12/2021 
Property tax 
146,634.15 
146,634.14 
Rents and maintenance charges 
472,747.88 
490,480.08 
Central administration 
12,157,675.88 
8,455,801.46 
Other operating expenses 
2,062.67 
555.32 
Total 
12,779,120.58 
9,093,471.00 
Audit fees 
KPMG Oy Ab 
Audit 
168,900.46 
210,517.30 
Statutory statements 
4,340.00 
- 
Tax services 
85,148.01 
13,767.72 
Advisory services 
200,506.39 
102,391.80 
Total 
458,894.86 
326,676.82 
6. Total amount of financial income and expenses 
€ 
1-12/2022 
1-12/2021 
Dividend income 
From others 
6,000.00 
6,000.00 
Total 
6,000.00 
6,000.00 
Interest income 
From Group companies 
48,067,461.60 
42,121,580.63 
From others 
314,619.05 
42,243.20 
Other financial income 
324,837.52 
100,312.15 
Total 
48,706,918.17 
42,264,135.98 
Dividend, interest and financial income total 
48,712,918.17 
42,270,135.98 
Value adjustments in investments 
Value adjustments in investments held as current assets 
55,361.82 
67.52 
Impairment of financial securities held as current assets 
-958,222.21 
-55,361.82 
Total 
-902,860.39 
-55,294.30 
Interest and other financial expenses 
To others 
-47,164,988.71 
-39,389,652.54 
Total 
-47,164,988.71 
-39,389,652.54 
Total financial income and expenses 
645,069.07 
2,825,189.14

 
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Hallituksen toimintakertomus ja tilinpäätös 
7. Appropriations 
€ 
1-12/2022 
1-12/2021 
Group contributions, received 
49,810,100.00 
54,508,725.00 
Total 
49,810,100.00 
54,508,725.00 
8. Income tax 
€ 
1-12/2022 
1-12/2021 
Income tax on operational income 
9,334,936.88 
11,009,452.51 
Tax for earlier years 
-7,945.64 
-110,838.90 
Total 
9,326,991.24 
10,898,613.61 
9. Intangible assets 
 
Other 
 
Development 
long-term 
 
€ 
Rights 
expenses 
expenses 
Total 
Acquisition cost 1 Jan 2022 
114,249.72 
841,620.77 
- 
955,870.49 
Increases 
- 
112,733.20 
- 
112,733.20 
Acquisition cost 31 Dec 2022 
114,249.72 
954,353.97 
0.00 
1,068,603.69 
Accumulated depreciation 1 Jan 2022 
-106,007.76 
-156,522.76 
- 
-262,530.52 
Depreciation for the financial year 
-8,241.96 
-168,275.41 
- 
-176,517.37 
Accumulated depreciation 31 Dec 2022 
-114,249.72 
-324,798.17 
0.00 
-439,047.89 
Carrying value 31 Dec 2022 
0.00 
629,555.80 
0.00 
629,555.80 
Other 
Development 
long-term 
€ 
Rights 
expenses 
expenses 
Total 
Acquisition cost 1 Jan 2021 
2,389,414.34 
374,112.77 
2,135,779.66 
4,899,306.77 
Increases 
- 
467,508.00 
-2,135,779.66 
-1,668,271.66 
Decreases 
-2,275,164.62 
- 
- 
-2,275,164.62 
Acquisition cost 31 Dec 2021 
114,249.72 
841,620.77 
0.00 
955,870.49 
Accumulated depreciation 1 Jan 2021 
-2,360,363.18 
-56,116.92 
-2,135,779.66 
-4,552,259.76 
Accumulated depreciation of decreases 
2,275,164.62 
- 
2,135,779.66 
4,410,944.28 
Depreciation for the financial year 
-20,809.20 
-100,405.84 
- 
-121,215.04 
Accumulated depreciation 31 Dec 2021 
-106,007.76 
-156,522.76 
0.00 
-262,530.52 
Carrying value 31 Dec 2021 
8,241.96 
685,098.01 
0.00 
693,339.97

 
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Hallituksen toimintakertomus ja tilinpäätös 
10. Tangible assets 
 
Other 
 
Machinery and 
tangible 
 
€ 
Land areas 
equipment 
assets 
Total 
Acquisition cost 1 Jan 2022 
4,520,734.02 
1,267,846.93 
187,206.12 
5,975,787.07 
Increases 
- 
189,464.00 
- 
189,464.00 
Acquisition cost 31 Dec 2022 
4,520,734.02 
1,457,310.93 
187,206.12 
6,165,251.07 
Accumulated depreciation 1 Jan 2022 
-1,015,264.38 
- 
-1,015,264.38 
Depreciation for the financial year 
-96,396.80 
- 
-96,396.80 
Accumulated depreciation 31 Dec 2022 
-1,111,661.18 
- 
-1,111,661.18 
Carrying value 31 Dec 2022 
4,520,734.02 
345,649.75 
187,206.12 
5,053,589.89 
Other 
Machinery and 
tangible 
€ 
Land areas 
equipment 
assets 
Total 
Acquisition cost 1 Jan 2021 
4,520,734.02 
1,171,651.75 
194,397.12 
5,886,782.89 
Increases 
- 
149,744.45 
- 
149,744.45 
Decreasees 
- 
-53,549.27 
-7,191.00 
-60,740.27 
Acquisition cost 31 Dec 2021 
4,520,734.02 
1,267,846.93 
187,206.12 
5,975,787.07 
Accumulated depreciation 1 Jan 2021 
-951,203.78 
- 
-951,203.78 
Accumulated depreciation on decreases 
53,549.27 
- 
53,549.27 
Depreciation for the financial year 
-117,609.87 
- 
-117,609.87 
Accumulated depreciation 31 Dec 2021 
-1,015,264.38 
- 
-1,015,264.38 
Carrying value 31 Dec 2021 
4,520,734.02 
252,582.55 
187,206.12 
4,960,522.69 
11. Investments 
 
Other 
 
Shares in 
Shares in 
securities 
 
€ 
subsidiaries 
associates 
and shares 
Total 
Acquisition cost 1 Jan 2022 
82,273,943.02 
176,951.96 
658,182.32 
83,109,077.30 
Decreases 
- 
- 
-64,152.43 
-64,152.43 
Acquisition cost 31 Dec 2022 
82,273,943.02 
176,951.96 
594,029.89 
83,044,924.87 
Carrying value 31 Dec 2022 
82,273,943.02 
176,951.96 
594,029.89 
83,044,924.87 
Other 
Shares in 
Shares in 
securities 
€ 
subsidiaries 
associates 
and shares 
Total 
Acquisition cost 1 Jan 2021 
82,571,717.75 
176,951.96 
829,061.25 
83,577,730.96 
Increases 
50,000.00 
- 
- 
50,000.00 
Decreases 
-347,774.73 
- 
-170,878.93 
-518,653.66 
Acquisition cost 31 Dec 2021 
82,273,943.02 
176,951.96 
658,182.32 
83,109,077.30 
Carrying value 31 Dec 2021 
82,273,943.02 
176,951.96 
658,182.32 
83,109,077.30

 
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Hallituksen toimintakertomus ja tilinpäätös 
12. Non-current receivables 
€ 
31 Dec 2022 
31 Dec 2021 
Loan receivables from Group companies 
2,686,944,886.00 
2,415,144,886.00 
Prepaid expenses and accrued income 
7,384,011.52 
9,348,120.87 
Total 
2,694,328,897.52 
2,424,493,006.87 
Amortized loan costs recognised in non-current receivables 
7,202,392.20 
9,127,573.45 
13. Current receivables 
€ 
31 Dec 2022 
31 Dec 2021 
Trade receivables 
- 
137.06 
From Group companies 
Trade receivables 
2,144,380.47 
673,935.47 
Loan receivables 
198,215,000.00 
15,000.00 
Other receivables 
64,355,999.34 
79,495,513.29 
From Group companies, total 
264,715,379.81 
80,184,448.76 
Loan receivables 
3,201.53 
21,500.54 
Other receivables 
613,632.11 
199,931.60 
Prepaid expenses and accrued income 
4,931,749.96 
9,177,717.32 
Total 
270,263,963.41 
89,583,735.28 
Amortized loan costs recognised in current receivables 
4,346,815.08 
3,868,313.75 
14. Financial securities 
€ 
31 Dec 2022 
31 Dec 2021 
Financial securities 
Other securities and funds 
90,851,215.89 
115,048,868.89 
Total 
90,851,215.89 
115,048,868.89 
Financial securities include fund units and money market 
funds.

 
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Hallituksen toimintakertomus ja tilinpäätös 
15. Comprehensive income 
€ 
31 Dec 2022 
31 Dec 2021 
Share capital as at 1 Jan 
58,025,136.00 
58,025,136.00 
Share capital as at 31 Dec 
58,025,136.00 
58,025,136.00 
Share premium as at 1 Jan 
35,786,180.04 
35,786,180.04 
Share premium as at 31 Dec 
35,786,180.04 
35,786,180.04 
Other reserves as at 1 Jan 
Contingency fund as at 1 Jan 
16,920.33 
16,920.33 
Contingency fund as at 31 Dec 
16,920.33 
16,920.33 
Reserve for invested unrestricted equity as at 1 
Jan 
167,856,001.50 
167,856,001.50 
Reserve for invested unrestricted equity as at 31 Dec 
167,856,001.50 
167,856,001.50 
Other reserves as at 31 Dec 
167,872,921.83 
167,872,921.83 
Retained earnings as at 1 Jan 
141,255,213.86 
188,540,407.89 
Dividend payment 
-93,914,871.62 
-91,443,427.63 
Share-based incentive scheme 
-618,011.30 
-892,604.79 
Retained earnings as at 31 Dec 
46,722,330.94 
96,204,375.47 
Profit for the period 
37,110,542.36 
45,050,838.39 
Total 
345,517,111.17 
402,939,451.73 
Calculation on distributable equity 
Reserve for invested unrestricted equity 
167,856,001.50 
167,856,001.50 
Retained earnings 
46,722,330.94 
96,204,375.47 
Profit for the period 
37,110,542.36 
45,050,838.39 
Capitalised development costs 
-629,555.80 
-685,098.01 
Total 
251,059,319.00 
308,426,117.35 
pcs 
31 Dec 2022 
31 Dec 2021 
The number of shares in Kojamo plc 
247,144,399 
247,144,399 
Kojamo plc’s registered share capital is EUR 58,025,136.00 
and the company has 247,144,399 shares. Kojamo has a sin-
gle series of shares, and each share entitles its holder to one 
vote in the Annual General Meeting. There are no voting re-
strictions related to the shares. The shares have no nominal 
value. All shares carry an equal right to dividends and other 
distribution of Kojamo plc’s assets. The company shares be-
long to the book-entry system.
16. Non-current liabilities 
€ 
31 Dec 2022 
31 Dec 2021 
Loans from financial institutions 
401,638,998.42 
302,438,998.42 
Bonds 
2,150,000,000.00 
2,050,000,000.00 
Accrued expenses, wages and salaries 
285,149.40 
570,669.24 
Bond derivative profit periodisation 
203,563.80 
1,335,047.70 
Total 
2,552,127,711.62 
2,354,344,715.36

 
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Hallituksen toimintakertomus ja tilinpäätös 
17. Current liabilities 
€ 
31 Dec 2022 
31 Dec 2021 
Loans from financial institutions, instalments in the 
next financial year 
200,800,000.00 
800,000.00 
Trade payables 
1,045,785.55 
719,919.88 
Liabilities to Group companies 
Trade payables 
417,290.93 
42,104.54 
Other debts 
56,829,726.65 
15,550,329.54 
Other debts 
30,990,823.98 
50,408,672.73 
Accrued expenses and deferred income 
Accrued financial liabilities 
25,561,052.78 
19,817,828.42 
Personnel expenses 
1,082,511.14 
961,673.46 
Tax liabilities 
2,242,076.04 
- 
Other items 
2,158.71 
90,328.21 
Bond derivative profit periodisation 
1,132,517.22 
1,132,517.22 
Total 
320,103,943.00 
89,523,374.00 
18. Derivative instruments 
Interest rate derivatives 
€ 
31 Dec 2022 
31 Dec 2021 
Fair values of derivative instruments 
Interest rate derivatives 
Interest rate swap, cash flow hedging 
14,636,094.37 
-3,701,628.68 
Total 
14,636,094.37 
-3,701,628.68 
Nominal values of derivative instruments 
Interest rate derivatives 
Interest rate swap, cash flow hedging 
156,400,000.00 
177,000,000.00 
Total 
156,400,000.00 
177,000,000.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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106 
Hallituksen toimintakertomus ja tilinpäätös 
19. Guarantees and commitments 
€ 
31 Dec 2022 
31 Dec 2021 
Loans that mature in more than five years 
Market-based loans 
500,038,998.40 
999,238,998.40 
Loans for which montage on and shares in property 
have been given as a guarantee 
Loans from financial institutions 
1,038,998.40 
1,238,998.40 
Mortgages given 
4,015,000.00 
4,015,000.00 
Guarantees given 
Counter-guarantee 
328,249,036.77 
341,625,339.41 
20. Other liabilities 
€ 
31 Dec 2022 
31 Dec 2021 
Car leasing liabilities 
Payable during the next financial year 
81,264.76 
112,058.76 
Payable later 
43,632.71 
106,011.05 
Electricity hedging 
Electricity prices were hedged with electricity derivatives 
quoted on the Nordic electricity exchange Nord Pool in accord-
ance with the Kojamo’s electricity procurement and hedging 
agreement. Electricity derivatives matured in 2022 and the 
market value of the hedged in 2022 was EUR 0.00 
(423,283.20) at the closing date. Unrealised changes in fair 
value have not been taken into account in the income state-
ment or balance sheet of Kojamo plc. During 2022 matured 
electricity derivatives have been replaced with electricity pur-
chase agreements.
21. Related party transactions 
The members of the Board of Directors or corporations over 
which they exercise control owned a total of 55,754 (51,741) 
shares and share-based rights in the company or in compa-
nies belonging to the same Group as the company. The mem-
bers of the management Team or corporations 
over which the 
exercise control owned a total of 190,033 (159,768) shares 
and share-based rights in the company or in companies be-
longing to the same Group as the company. These shares rep-
resent 0.10 (0.09) per cent of the company’s entire share capi-
tal. 
The terms in related party transactions correspond to those 
observed in transactions between independent parties. 
Kojamo had no related party transactions deviating from the 
company’s normal business operations in 2021 and 2022.

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Hallituksen toimintakertomus ja tilinpäätös 
SIGNATURES TO THE BOARD OF DIRECTORS’ 
REPORT 
AND FINANCIAL STATEMENTS 
Helsinki, February 15 2023 
Mikael Aro 
Mikko Mursula 
Chairman of the Board of Directors 
Vice-Chairman of the Board of Directors 
Matti Harjuniemi 
Anne Leskelä 
Reima Rytsölä 
Catharina Stackelberg-Hammarén 
Kari Kauniskangas 
Jani Nieminen 
CEO 
A report on the audit has been issued today 
Helsinki, 15 February 2023 
KPMG Oy Ab 
Esa Kailiala, APA 

Hallituksen toimintakertomus ja tilinpäätös 
Hallituksen toimintakertomus ja tilinpäätös 

Hallituksen toimintakertomus ja tilinpäätös 
Hallituksen toimintakertomus ja tilinpäätös 

Hallituksen toimintakertomus ja tilinpäätös 
Hallituksen toimintakertomus ja tilinpäätös 

Hallituksen toimintakertomus ja tilinpäätös 
Hallituksen toimintakertomus ja tilinpäätös 

Hallituksen toimintakertomus ja tilinpäätös 
Hallituksen toimintakertomus ja tilinpäätös 

Hallituksen toimintakertomus ja tilinpäätös 
Hallituksen toimintakertomus ja tilinpäätös 

Hallituksen toimintakertomus ja tilinpäätös 
Hallituksen toimintakertomus ja tilinpäätös 