Tilinpäätös 2023

23 
Board of Directors’ 
Report and Financial 
Statements 

Board of Directors’ Report and Financial Statements 
2023 
2 
Hallituksen toimintakertomus ja tilinpäätös 
Table of 
contents 
BOARD OF DIRECTORSʼ REPORT ................................................................ ................................................................ ................... 5
Kojamo plc in brief................................................................ ................................................................ ............................................... 5
Strategy ................................................................ ................................................................ ............................................................... 5
Summary of performance in 2023 ................................................................ ................................................................ ....................... 6
Outlook for 2024 ................................................................ ................................................................ ................................................. 6
Saving programme ................................................................ ................................................................ .............................................. 6
Effects of Russia’s war of aggression in Ukraine on Kojamo ................................................................................................ .............. 6
Key figures ................................................................ ................................................................ .......................................................... 7
Operating environment ................................................................ ................................................................ ........................................ 8
Business operations ................................................................ ................................................................ ............................................ 9
Total revenue ................................................................ ................................................................ ...................................................... 9
Result and profitability ................................................................ ................................................................ ....................................... 10
Balance sheet, cash flow and financing ................................................................................................................................ ............ 10
Real estate property and fair value ................................................................................................ ................................................... 11
Rental housing ................................................................ ................................................................ .................................................. 11
Investments, divestments and real estate development................................................................ .................................................... 13
Strategic targets and their achievement ................................................................ ................................................................ ............ 14
Shares and shareholders ................................................................ ................................................................ .................................. 14
Governance ................................................................ ................................................................ ...................................................... 17
Personnel ................................................................ ................................................................ .......................................................... 17
Statement of non-financial information ................................................................ ................................................................ .............. 18
Near-term risks and uncertainties ................................................................................................ ..................................................... 28
Internal auditing ................................................................ ................................................................ ................................................ 28
Group structure and changes therein ................................................................ ................................................................ ................ 29
Events after the financial year ................................................................ ................................................................ ........................... 29
Proposal by the Board of Directors for the distribution of profits ....................................................................................................... 29
EPRA PERFORMANCE MEASURES ................................................................................................ .............................................. 30
FINANCIAL STATEMENTS ................................ ................................................................ .............................................................. 35
Consolidated comprehensive income statement ................................................................ ............................................................... 35
Consolidated balance sheet ................................................................ ................................................................ .............................. 36
Consolidated statement of cash flows ................................................................ ................................................................ ............... 37
Consolidated statement of changes in equity ................................................................ ................................................................ .... 38
Notes to the consolidated financial statements ................................................................ ................................................................ . 39
1. Basis for presentation of the financial statements................................................................ ..................................................... 40
1.1 Basic information about the Group ................................................................ ................................................................ ..... 40
2. Result ................................................................................................ ................................................................ ....................... 41
2.1 Specification of revenue ................................................................ ................................................................ ..................... 42
2.2 Profit/loss on sales of investment properties and Other operating income and expenses .................................................. 43
2.3 Administrative expenses................................................................ ................................................................ ..................... 43
2.4 Employee benefits expenses ................................................................ ................................................................ .............. 44
2.5 Depreciation, amortisation and impairment ........................................................................................................................ 45
2.6 Research and development expenditure ................................................................ ............................................................ 45
2.7 Earnings per share ................................................................ ................................................................ ............................. 45
3. Real estate property ................................................................................................ ................................................................ . 46

Board of Directors’ Report and Financial Statements 


Hallituksen toimintakertomus ja tilinpäätös 
1 Investment properties ................................................................ ................................................................ ......................... 46
2 Non-current assets held for sale ................................................................ ................................................................ ......... 51
3 Trading properties ................................................................................................ .............................................................. 51
4 Commitments and contingent liabilities related to investment properties ........................................................................... 51
Financing and equity ................................................................ ................................................................ ................................. 53
1 Equity ................................................................................................ ................................................................ ................. 53
2 Financial income and expenses ................................................................................................ ......................................... 55
3 Financial assets and liabilities by valuation category ................................................................ ......................................... 56
4 Interest-bearing liabilities ................................................................ ................................................................ .................... 58
5 Derivative instruments ................................................................ ................................................................ ........................ 60
6 Financial risk management ................................................................ ................................................................ ................. 61
7 Guarantees and commitments ................................................................................................ ........................................... 64
Income taxes ................................................................................................ ................................................................ ............ 65
1 Current tax expense ................................................................ ................................................................ ........................... 65
2 Deferred tax assets and liabilities ................................................................ ................................................................ ....... 66
Other balance sheet items ................................................................ ................................................................ ........................ 67
1. Lease agreements ................................................................ ................................................................ ............................. 67
2 Intangible assets ................................................................................................ ................................................................ 69
3 Property, plant and equipment ................................................................ ................................................................ ........... 70
4 Non-current receivables ................................................................................................ ..................................................... 71
5 Current trade and other receivables ................................................................ ................................................................ ... 71
6 Provisions and other non-current liabilities ................................................................ ......................................................... 71
7 Current trade payables and other payables................................................................ ........................................................ 72
Other notes ................................................................ ................................................................ ............................................... 72
1 Adjustments to cash flow from operating activities ................................................................ ............................................. 72
2 Related party transactions ................................................................ ................................................................ .................. 72
3 The Group’s subsidiaries, associated companies and joint arrangements ................................................................ ......... 75
4 Effects of Russia’s war of aggression in Ukraine on Kojamo................................ .............................................................. 84
5 Events after the financial year ................................................................................................................................ ............ 84
Key figures, the formulas used in their calculation, and reconciliation calculations in accordance with ESMA guidelines ................ 85
PARENT COMPANY’S FINANCIAL STATEMENTS ................................................................ ......................................................... 90
Parent company’s income statement, FAS ................................................................ ................................................................ ....... 90
Parent company’s balance sheet, FAS ................................................................................................ ............................................. 91
Parent company’s cash flow statement, FAS ................................................................ ................................................................ .... 92
Parent company accounting policies ................................................................ ................................................................ ................. 93
Notes to the parent company financial statements................................................................ ............................................................ 94
Total revenue ................................................................ ................................................................ ............................................ 94
Other operating income ................................................................................................ ............................................................ 94
Personnel costs ................................................................................................................................ ........................................ 94
Depreciation according to plan ................................................................................................ ................................................. 95
Other operating expenses ................................................................ ................................................................ ........................ 96
Total amount of financial income and expenses ................................................................ ....................................................... 96
Appropriations................................................................ ................................................................ ........................................... 96
Income tax ................................................................ ................................................................ ................................................ 97
Intangible assets ................................................................ ................................................................ ....................................... 97

Board of Directors’ Report and Financial Statements 


Hallituksen toimintakertomus ja tilinpäätös 
Tangible assets ................................................................ ................................................................ ....................................... 98
Investments ................................................................ ................................................................ ............................................ 98
Non-current receivables ................................................................ ................................................................ .......................... 99
Current receivables ................................................................ ................................................................ ................................. 99
Financial securities ................................................................................................................................ ................................. 99
Comprehensive income ................................................................ ................................................................ ........................ 100
Non-current liabilities ................................................................................................ ............................................................ 100
Current liabilities ................................................................................................................................ ................................... 101
Derivative instruments ................................................................................................ .......................................................... 101
Guarantees and commitments ................................................................ ................................................................ .............. 101
Other liabilities ................................................................................................................................ ...................................... 102
Related party transactions ................................................................ ................................................................ .................... 102
SIGNATURES TO THE BOARD OF DIRECTORS’ REPORT AND FINANCIAL STATEMENTS ................................................... 103

 
Board of Directors’ Report and Financial Statements 
2023 
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. 
More information on Kojamo’s strategic targets and their 
achievement is provided under Progress of strategy implemen-
tation and targets.

 
Board of Directors’ Report and Financial Statements 
2023 
6 
Hallituksen toimintakertomus ja tilinpäätös 
Summary of performance in 2023
●
 
Total 
revenue increased by 7.0 per cent to EUR 442.2 
(413.3) 
million. 
●
 
Net rental income increased by
6.1 per cent, totalling EUR 
297.2 (280.1) 
million. Net rental income represented 67.2 
(67.8) per cent of revenue. 
●
 
Result before taxes was EUR -112.3 (-499.8) million. 
The 
result includes EUR -295.4 (-682.0) million in net result on 
the valuation of investment properties at fair value and 
EUR 0.2 (0.2) million in profit/loss from the sale of invest-
ment properties. Earnings per share was EUR -0.36 
(-1.62). 
●
 
Funds From Operations (FFO) increased by 4.1 per cent 
and amounted to EUR 167.2 (160.7) million. 
●
 
The fair value of investment properties was EUR 8.0 (8.2) 
billion at the end of the financial year. 
●
 
The financial occupancy rate stood at 93.0 (92.0) per cent 
during the financial year. 
●
 
Gross investments totalled EUR 190.7 (501.6) million, rep-
resenting 43.1 (121.4) per cent of total revenue. 
●
 
Equity per share was EUR 14.67 (15.55) and return on eq-
uity was -2.4 (-9.9) per cent. Return on investment was 
-0.4 (-5.7) per cent. 
●
 
EPRA NRV per share (net reinstatement value) decreased 
by 5.5 per cent and amounted to EUR 18.45 (19.53). 
●
 
At the end of the financial year, there were 354 (1,804) 
Lumo apartments under construction. 
●
 
The Board of Directors’ dividend proposal is that no divi-
dend be paid for 2023. 
Kojamo owned 40,619 (39,231) rental apartments at the end of 
the financial year. In 2023, Kojamo acquired 0 (985) apart-
ments, completed 1,450 (1,348) apartments, sold 73 (0) apart-
ments and demolished or otherwise altered 11 (1) apartments.
Outlook for 2024 
Kojamo estimates that in 2024, the Group’s total revenue will 
increase by 4–8 per cent year-on-year. In addition, Kojamo es-
timates that the Group’s FFO for 2024 will amount to between 
EUR 154–166 million, excluding non-recurring items. 
The outlook is based on the management’s assessment of 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. 
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.
Saving programme
In August 2023, Kojamo launched a saving programme where 
the company targets total savings of approximately EUR 43 
million in costs and investments during 2024, of which the 
share of costs is estimated to be approximately EUR 18 mil-
lion. We will not make new investments for the time being, and 
we will reduce repairs other than those supporting renting of 
apartments. We started change negotiations as part of the 
saving programme which were concluded in October 2023. We 
may carry out property sales during 2024. In addition, the com-
pany’s Board of Directors will propose to the Annual General 
Meeting in the spring of 2024 that no dividend be paid for 
2023. All measures aim at maintaining the company’s profita-
bility and safeguarding credit rating.
The saving programme is proceeding as planned. 
Effects of Russia’s war of aggression in Ukraine on Kojamo
The continuation of Russia's war of aggression is still reflected 
in the recovery of the world economy. The development of the 
Finnish economy was weak last year. Energy prices, which 
had risen sharply due to the war, fell during the year, but in 
general, inflation continued to be high. The rise in prices af-
fected Kojamo's maintenance costs, especially in the begin-
ning of the year regarding heating costs and electricity prices.

 
Board of Directors’ Report and Financial Statements 
2023 
7 
Hallituksen toimintakertomus ja tilinpäätös 
Key figures 
2023 
2022 
Change % 
Total revenue, M€ 
442.2 
413.3 
7.0 
Net rental income, M€ * 
297.2 
280.1 
6.1 
Net rental income margin, % * 
67.2 
67.8 
Profit/loss before taxes, M€ * 
-112.3 
-499.8 
77.5 
EBITDA, M€ * 
-39.9 
-441.3 
91.0 
EBITDA margin, % * 
-9.0 
-106.8 
Adjusted EBITDA, M€ * 
255.1 
240.4 
6.1 
Adjusted EBITDA margin, % * 
57.7 
58.2 
Funds From Operations (FFO), M€ * 
167.2 
160.7 
4.1 
FFO margin, % * 
37.8 
38.9 
FFO excluding non-recurring costs, M€ * 
167.2 
160.7 
4.1 
Investment properties, M€ 
8,038.8 
8,150.2 
-1.4 
Financial occupancy rate, % 
93.0 
92.0 
Interest-bearing liabilities, M€ * 
3,600.4 
3,678.2 
-2.1 
Return on equity (ROE), % * 
-2.4 
-9.9 
Return on investment (ROI), % * 
-0.4 
-5.7 
Equity ratio, % * 
44.5 
45.3 
Loan to Value (LTV), % * 
44.6 
43.7 
EPRA Net Reinstatement Value (NRV), M€ 
4,558.8 
4,825.9 
-5.5 
Gross investments, M€ * 
190.7 
501.6 
-62.0 
Number of personnel, end of the period 
288 
304 
Key figures per share, € 
2023 
2022 
Change % 
FFO per share * 
0.68 
0.65 
4.6 
Earnings per share 
-0.36 
-1.62 
77.8 
EPRA NRV per share 
18.45 
19.53 
-5.5 
Equity per share 
14.67 
15.55 
-5.7 
Dividend per share ¹
⁾
- 
0.39 
-100.0 
* In accordance with the guidelines issued by 
the European Securities and Markets Authority (ESMA), 
Kojamo provides an account of the 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
⁾
 
2023: The Board of Directors proposes to the 
Annual General Meeting that no dividend be 
paid for 2023

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
8 
Hallituksen toimintakertomus ja tilinpäätös 
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 financial market situation 
and interest rates, as well as macroeconomic factors, such as 
economic growth, employment, disposable income, inflation, 
regional population growth and household sizes.
Operating environment key figures 
% 
2024E 
2023E 
GDP growth 
0.7 
-0.5 
Unemployment 
7.5 
7.2 
Inflation 
2.0 
6.3 
Source: Ministry of Finance, Economic survey 12/2023 
According to the economic survey published by the Ministry of 
Finance in December, the outlook for the global economy is 
uncertain. High interest rates, weak consumer confidence as 
well as geopolitical tensions cast a shadow over the outlook. 
However, inflation has slowed down quickly, 
and employment 
has remained high in many economies. 
The economic outlook for the United States is quite favorable, 
and the growth continued strong last autumn driven by private 
consumption. Economic growth is expected to slow down dur-
ing 2024, but the decline is believed to be short-lived. Eco-
nomic growth in the euro area stalled at the end of 2023 as 
Germany’s growth, in particular, has been weak. The predic-
tive indicators for industry and services are at a low level.
With the slowing inflation, it is estimated that the US and the 
European central bank’s the rate hike cycle of is over, and the 
market expects interest rate cuts to start in the first half of 
2024. 
The Finnish economy contracted slightly in 2023. The fall in in-
terest rates and the slowdown in inflation will increase con-
sumers’ purchasing power as well as investments, and the 
Finnish economy is expected to turn to a small growth in 2024. 
Employment is estimated to decrease temporarily, but to re-
main at a high level. 
Industry operating environment 
Industry key figures 
2024E 
2023E 
Residential start-ups, units 
<19,500 
<16,000 
 
of which non-subsidised block-of-flats 
5,000 
3,800 
Building permits granted, annual, units * 
n/a 
20,992 
Construction costs, change % ** 
n/a 
1.1 
* Rolling 12 months, November 2023, ** 2023E: 
building cost index, December 2023 
Sources: Confederation of Finnish Construction Industries 
(CFCI), economic forecast September 2023; 
Statistics Finland, Building and 
dwelling production; Statistics Finland, Building cost index; 
Construction companies' interim reports 
According to the Confederation of Finnish Construction Indus-
tries CFCI's economic forecast published in September, the 
number of residential start-ups was predicted to fall to a histori-
cally low level of around 16,000 apartments in 2023 and to re-
main almost as low this year as well. Based on the interim re-
ports published by construction companies, the number of 
start-ups may be significantly lower than this. 
According to Nordea's housing market review published in De-
cember, the strong contraction in residential construction is 
due to weak demand and high plot and construction prices. 
Nordea estimates that plot prices and construction costs 
should fall by about 15 per cent from the current level in order 
for construction to become profitable again. Despite the expec-
tation of lower interest rates, it does not appear that the con-
struction will start on a large scale yet in 2024. Construction 
may be at a standstill for a longer period of time, which re-
duces the housing supply.

 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
9 
Hallituksen toimintakertomus ja tilinpäätös 
Effects of urbanisation 
Population 
Share of rental 
growth 
household- 
forecast, % 
dwelling units, % 
Area 
2022–2040 
2010 
2022 
Helsinki 
22.4 
47.1 
50.4 
Capital region ¹
⁾
25.9 
41.9 
46.6 
Helsinki region ²
⁾
n/a 
37.7 
42.6 
Jyväskylä 
8.0 
40.2 
46.0 
Kuopio 
3.5 
36.5 
42.1 
Lahti 
-0.2 
37.3 
42.0 
Oulu 
9.6 
36.7 
43.3 
Tampere 
17.6 
42.2 
51.5 
Turku 
18.1 
43.0 
51.8 
Other areas 
n/a 
23.8 
26.8 
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 2022; MDI population forecast 
2040 (urbanization scenario), September 2023 
According to the population forecast published by MDI in Sep-
tember 2023, urbanization continues strongly, and regional dif-
ferences are increasing. In the future, the population will be 
concentrated in large city areas largely with the rest of Finland 
weakening. In addition to migration within the country, immi-
gration that has increased in the 2020s will advance urbaniza-
tion. Immigration is strong to the capital region as well other 
large cities. 
The population growth of the capital region, Tampere and 
Turku accelerated during the last year. According to Statistics 
Finland's preliminary population statistics, Helsinki, Espoo, 
Tampere, 
Vantaa and Turku were Finland's most grown mu-
nicipalities in 2023. With the exception of Vantaa, the popula-
tion increase of all these municipalities has been stronger than 
in the past few decades. The population growth was especially 
strong in Helsinki, where it was almost double compared to the 
previous year. 
According to Nordea's housing market review, at the same 
time that urbanization has intensified, construction has fallen 
sharply. This is expected to significantly balance the supply-
demand situation in the market.
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 40,619 
(39,231) rental apartments. The fair value of Kojamo’s invest-
ment properties amounted to EUR 8.0 (8.2) 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 2023, 97.5 per cent of 
Kojamo’s rental apartments were located in the seven largest 
Finnish growth centres, 86.8 per cent in the Helsinki, Tampere 
and Turku regions and 73.8 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.
Total 
revenue
Kojamo’s total revenue increased to EUR 442.2 (413.3) mil-
lion. Total 
revenue is generated entirely by income from rental 
operations. 
Total 
revenue increased especially due to the rental apart-
ments completed in 2022 and 2023 by around EUR 17.0 mil-
lion, due to the development of rents and the financial occu-
pancy rate by around EUR 6.1 million, and due to the proper-
ties acquired in the summer of 2022 by around EUR 4.8 mil-
lion.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
10 
Hallituksen toimintakertomus ja tilinpäätös 
Result and profitability
Net rental income increased to EUR 297.2 (280.1) million, 
which corresponds to 67.2 (67.8) per cent of total revenue. 
The growth of total revenue EUR 28.9 million and the de-
crease of repair costs by a EUR 0.9 million had a positive im-
pact and higher property maintenance costs EUR 12.6 million 
had a negative impact on the net rental income. Heating costs, 
credit losses and property taxes, 
in particular, increased year-
on-year. 
Result before taxes was EUR -112.3 (-499.8) million. Result in-
cludes EUR -295.4 (-682.0) million in net result on the valua-
tion of investment properties at fair value and EUR 0.2 (0.2) 
million in profit/loss from the sale of investment properties. The 
negative impact on the valuation of the investment properties 
at fair value was mainly attributable to yield increase by EUR -
815.5 million and positively affected by the growth in net rental 
income by EUR 305.9 million, changes in inflation, rents and 
expense growth assumptions by EUR 181.7 million and other 
items by EUR 32.5 million. The yield requirements and other 
input data are based on market observations and the best 
available market information. This information includes the 
opinion of an external independent valuer. The yield require-
ments for the valuation of the investment properties were in-
creased on an average by 0.43 percentage points. Result be-
fore taxes and excluding net result on the valuation of the in-
vestment properties at the fair value increased by EUR 0.9 mil-
lion totalling EUR 183.1 (182.2) 
million. 
Financial income and expenses totalled EUR -71.3 (-57.4) mil-
lion. Financial income and expenses increased EUR 13.9 mil-
lion year-on-year. Gain/loss on the valuation of investments 
amounted to EUR 1.1 (-1.4) million and the unrealised change 
in the fair value of derivatives EUR -0.9 (6.8) million. A profit of 
EUR 8.7 million was recorded in financial income as the differ-
ence between the nominal value of the repurchased bonds 
and their purchase prices. Interest expenses increased by 
EUR 17.6 million year-on-year due to the higher amount of in-
terest-bearing liabilities. 
Funds From Operations (FFO) amounted to EUR 167.2 
(160.7) million. The increase in FFO was attributable to the im-
provement in net rental income and the profit from the repur-
chase of bonds during the financial year. 
Balance sheet, cash flow and financing 
31 Dec 2023 
31 Dec 2022 
Balance sheet total, M€ 
8,158.3 
8,482.3 
Equity, M€ 
3,625.9 
3,842.7 
Equity per share, € 
14.67 
15.55 
Equity ratio, % 
44.5 
45.3 
Return on equity (ROE), % 
-2.4 
-9.9 
Return on investment (ROI), % 
-0.4 
-5.7 
Interest-bearing liabilities, M€ 
3,600.4 
3,678.2 
Loan to Value (LTV), % 
44.6 
43.7 
Coverage ratio 
3.6 
3.8 
Average interest rate of loan portfolio, % * 
2.4 
1.9 
Average loan maturity, years 
2.8 
3.5 
Cash and cash equivalents, M€ 
15.0 
119.4 
* Includes interest rate derivatives 
Kojamo’s liquidity was good during the financial year. At the 
end of the financial year, Kojamo’s cash and cash equivalents 
stood at EUR 15.0 (119.4) 
million and liquid financial assets at 
EUR 3.3 (104.0) million. 
EUR 39.7 (30.9) million of the EUR 250 million commercial pa-
per programme was in use at the end of the financial year. 
Kojamo has committed credit facilities of EUR 275 million and 
an uncommitted credit facility of EUR 5 million that were un-
used at the end of the financial year. 
In addition, the below 
mentioned EUR 425 million syndicated loan signed in October 
was undrawn at the end of the financial year. 
The following financing arrangements were made during the fi-
nancial year: 
In April, Kojamo plc signed a new EUR 75 million credit agree-
ment with Aktia Bank Plc. The credit agreement is unsecured 
and has a maturity of five years. The loan was used for the re-
financing of a EUR 50 million credit agreement with Aktia that 
matured in summer 2023, as well as for the group’s general fi-
nancing needs. 
In May, Kojamo plc signed a new EUR 425 million credit facil-
ity agreement linked to its sustainability targets together with 
six relationship banks. The syndicated loan is secured and has 
a maturity of three years with two one-year extension options. 
The loan was used to refinance company’s existing indebted-
ness as well as for the group’s general financing needs. 
In June, Kojamo plc repurchased 
with a public tender offer 
EUR 150 million of its bonds maturing in 2024 and 2025. The 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
11 
Hallituksen toimintakertomus ja tilinpäätös 
bond maturing in 2024 was repurchased for EUR 65.5 million 
and the bond maturing in 2025 for EUR 84.5 million. 
In October, Kojamo plc signed a new EUR 425 million credit 
agreement linked to its sustainability targets together with five 
relationship banks. The loan is secured and has a maturity of 
three years with two one-year extension options. The loan will 
be used for the refinancing of company’s existing indebted-
ness as well as for the group’s general financing needs. 
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 2023 
31 Dec 2022 
Fair value of investment properties on 1 Jan 
8,150.2 
8,327.5 
Acquisition of investment properties 
165.1 
478.9 
Modernisation investments 
26.7 
22.5 
Disposals of investment properties 
-12.0 
-1.3 
Capitalised borrowing costs 
4.2 
4.6 
Profit/loss on fair value of investment properties 
-295.4 
-682.0 
Fair value of investment properties at the end 
of the period 
8,038.8 
8,150.2 
Right-of-use assets included in the fair values of investment properties 
M€ 
31 Dec 2023 
31 Dec 2022 
Fair value on 1 Jan 
73.8 
70.6 
Increases/decreases 
5.2 
4.3 
Profit/loss on fair value of investment properties 
-1.3 
-1.1 
Fair value of investment properties at the end 
of the period 
77.8 
73.8 
Kojamo owned a total of 40,619 (39,231) 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 2023. 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 211,000 
(184,000) floor sq.m. The fair value of the plot and real estate 
development reserve (including the Metropolia properties) was 
EUR 178.1 (152.7) 
million at the end of the financial year.
Rental housing 
Apartments 
31 Dec 2023 
31 Dec 2022 
Number of apartments 
40,619 
39,231 
Average rent, €/m²/month 
17.81 
17.55 
Average rent, €/m²/month, yearly average 
17.74 
17.30 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
12 
Hallituksen toimintakertomus ja tilinpäätös 
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 are also easily available for rent on 
our webstore.
Rental housing key figures 
% 
1–12/2023 
1–12/2022 
Financial occupancy rate 
93.0 
92.0 
Tenant turnover rate, excluding internal turnover 
29.5 
31.1 
Like-for-Like rental income growth * 
1.9 
0.3 
Rent receivables in proportion to revenue 
1.6 
1.5 
* Change of rental income for properties owned 
for two consecutive years in the past 12 months compared 
to the previous 12-month period. 
The full-year financial occupancy rate was 93.0 (92.0) per 
cent. At year-end, 133 (274) apartments were vacant due to 
renovations.
Kojamo’s property portfolio by region as at 31 December 2023 
Helsinki 
Tampere 
Turku 
Kuopio 
Lahti 
% 
region 
region 
region 
Oulu 
Jyväskylä 
region 
region 
Others 
Distribution by 
number of apartments 
62.4 
9.7 
5.2 
5.5 
5.1 
4.1 
3.5 
4.5 
Distribution by 
fair value 
73.8 
8.7 
4.3 
2.9 
3.1 
2.5 
2.2 
2.5 
Information on the property portfolio as at 31 December 2023 
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 
25,332 
476 
5,711.4 
221 
4,135 
91.9 
Tampere region 
3,949 
111 
670.7 
165 
3,234 
96.4 
Turku region 
2,122 
25 
334.6 
156 
2,935 
95.8 
Other 
9,216 
145 
1,017.9 
109 
2,063 
94.7 
Total 
40,619 
757 
7,734.5 
1) 
187 
3,523 
93.0 
Other 
304.3 
2) 
Total portfolio 
40,619 
757 
8,038.8 
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 

 
Board of Directors’ Report and Financial Statements 
2023 
13 
Hallituksen toimintakertomus ja tilinpäätös 
Investments, divestments and real estate development 
Investments 
M€ 
31 Dec 2023 
31 Dec 2022 
Acquisition of investment properties * 
159.9 
474.5 
Modernisation investments 
26.7 
22.5 
Capitalised borrowing costs 
4.2 
4.6 
Total 
190.7 
501.6 
Repair expenses, M€ 
29.3 
30.2 
* Not including leases for plots of land. 
Number of apartments 
Units 
31 Dec 2023 
31 Dec 2022 
Apartments at the start of the financial year 
39,231 
36,897 
Divestments 
-73 
- 
Acquisitions 
- 
985 
Completed 
1,450 
1,348 
Demolished or altered 
11 
1 
Apartments at the end of the financial year 
40,619 
39,231 
Started during the financial year 
- 
477 
Under construction at the end of the financial 
year 
354 
1,804 
Preliminary agreements for new construction 
119 
230 
A total of 0 (985) apartments were acquired and sold 73 (0) 
apartments during the financial year. 
Of the apartments under construction, 354 (1,671) are located 
in the Helsinki region and 0 (133) in other Finnish growth cen-
tres. A total of 1,450 (1,348) apartments were completed dur-
ing the financial year. 
Modernisation investments during the financial year amounted 
EUR 26.7 (22.5) million and repair costs totalled EUR 29.3 
(30.2) million. 
Kojamo estimates that investments in development projects 
will amount to EUR 15–18 million in 2024.
Binding acquisition agreements for new development 
M€ 
31 Dec 2023 
31 Dec 2022 
Actual costs incurred from new construction in progress 
84.8 
293.6 
Cost of completing new construction in progress 
10.0 
145.1 
Total 
94.9 
438.7 
Plots and real estate development sites owned by the company 
31 Dec 2023 
31 Dec 2022 
M€ 
1,000 fl.sq.m 
M€ 
1,000 fl.sq.m 
Plots 
30.9 
51 
35.6 
59 
Plots and existing residential building 
74.5 
93 
44.4 
57 
Conversions 
72.8 
67 
72.8 
68 
Total * 
178.1 
211 
152.7 
184 
* The management’s estimate of the fair value and building 
rights of the plots

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
14 
Hallituksen toimintakertomus ja tilinpäätös 
Binding preliminary agreements and provisions for plots and real estate development 
31 Dec 2023 
31 Dec 2022 
M€ 
1,000 fl.sq.m 
M€ 
1,000 fl.sq.m 
Preliminary agreements for new construction ¹
⁾
24.7 
48.7 
Estimate of the share of plots of preliminary 
agreements for new development ²
⁾
4.2 
5 
8.5 
12 
Preliminary agreements and reservations for plots 
²
⁾
34.9 
45 
31.0 
44 
¹
⁾
 
Including plots 
²
⁾
 
The management’s estimate of the fair value and building 
rights of the plots 
Strategic targets and their achievement 
Strategic targets 
2023 
2022 
2021 
2020 
Target 
Annual growth of total revenue, % 
7.0 
5.5 
2.0 
2.3 
4–5 
Annual investments, M€ 
190.7 
501.6 
356.9 
371.2 
200–400 
FFO/total revenue, % 
37.8 
38.9 
39.1 
39.5 
> 36 
Loan to Value (LTV), % 
44.6 
43.7 
37.7 
41.4 
< 50 
Equity ratio, % 
44.5 
45.3 
49.0 
45.6 
> 40 
Net Promoter Score (NPS) * 
50 
45 
20 
36 
40 
* The calculation method has changed for example 
including digital services in calculation. 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.
In August, Kojamo plc announced that as a part of the saving 
programme, the company’s Board of Directors will propose to 
the Annual General Meeting in the spring of 2024 that no divi-
dend be paid for 2023.
Shares and shareholders
Issued shares and share capital 
Kojamo’s share capital on 31 December 2023 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 
2023 
2022 
2021 
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 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
15 
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 
2023 
2022 
2021 
Lowest price, € 
7.41 
11.62 
15.64 
Highest price, € 
15.71 
22.10 
21.42 
Average price, € 
10.29 
16.98 
18.97 
Closing price, € 
11.90 
13.80 
21.24 
Market value of share capital, 31 Dec, M€ 
2,941.0 
3,410.6 
5,249.3 
Share trading, million units 
103.8 
86.5 
125.0 
Share trading of total share stock, % 
42.0 
35.0 
50.6 
Share trading, M€ 
1,068.6 
1,471.8 
2,370.9 
In addition to the Nasdaq Helsinki stock exchange, Kojamo 
shares were traded on other marketplaces. From 1 January to 
31 December 2023, approximately 215 million (approximately 
185 million) Kojamo shares were traded on alternative market-
places, corresponding to approximately 70 per cent (approxi-
mately 70 per cent) of the total trading volume (Source: 
Modu-
lar 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 2023 decided that a divi-
dend of EUR 0.38 per share, or EUR 96,386,315.61 in total, be 
paid for the financial year 2022 and that EUR 154,673,003.39 
be retained in unrestricted equity. The dividend payment date 
was 5 April 2023. 
In August, Kojamo plc announced that as a part of the saving 
programme, the company’s Board of Directors will propose to 
the Annual General Meeting in the spring of 2024 that no divi-
dend be paid for 2023. 
Shareholders 
At the end of the review period, the number of registered 
shareholders was 13,452, including nominee-registered share-
holders. The proportion of nominee-registered and direct for-
eign shareholders was 53.7 per cent of the company’s shares 
at the end of the financial year. The 10 largest shareholders 
owned in aggregate 55.0 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 2023 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 2024. 
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 2024. 
The Board has not used authorisations. 
The Annual General Meeting decided that an addition is made 
to the Articles of Association to allow the Board of Directors, at 
their discretion, to arrange a General Meeting as a virtual 
meeting without a meeting venue, as proposed by the Board of 
Directors. 
The change has been made to the Articles of Association in 
2023. 
Flagging notifications 
Kojamo has not received any flagging notification pursuant to 
Chapter 9, Section 5 of the Securities Market Act in 2023. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
16 
Hallituksen toimintakertomus ja tilinpäätös 
Managers’ transactions and shareholdings 
Managers’ 
transactions at Kojamo in 2023 have been pub-
lished as stock exchange releases and they are available on 
the Kojamo website at https://kojamo.fi/en/news-releases/. 
The members of the Board of Directors or corporations over 
which they exercise control owned a total of 57,783 (55,754) 
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 
exercise control owned a total of 163,115 (190,033) shares 
and share-based rights in the company or in companies be-
longing to the same Group as the company. These shares rep-
resent 0.09 (0.10) per cent of the company’s entire share capi-
tal. 
Shareholdings 
There are a total of 13,452 shareholders in Kojamo plc, the ten 
largest shareholders being (share register at 31 Dec 2023):
10 largest shareholders as at 31 December 2023 
No. of 
Shareholder 
shares 
Holding, % 
Heimstaden Bostad AB 
49,389,283 
19.98 
Ilmarinen Mutual Pension Insurance Company 
20,537,814 
8.31 
Varma Mutual Pension Insurance Company 
19,362,375 
7.83 
The Finnish Industrial Union 
16,067,182 
6.50 
Trade Union of Education in Finland 
11,814,417 
4.78 
Finnish Construction Trade Union 
5,708,609 
2.31 
Trade Union PRO 
4,904,150 
1.98 
Elo Mutual Pension Insurance Company 
3,627,000 
1.47 
OP-Finland Fund 
2,231,091 
0.90 
Service Union United PAM 
2,200,000 
0.89 
Other 
111,302,478 
45.04 
Total 
247,144,399 
100.00 
Breakdown of share ownership 
No. of 
No. of 
% of 
Shares 
owners 
% 
shares 
shares 
1–100 
7,718 
57.37 
301,822 
0.12 
101–500 
3,996 
29.71 
1,018,156 
0.41 
501–1,000 
901 
6.70 
690,441 
0.28 
1,001–5,000 
623 
4.63 
1,325,829 
0.54 
5,001–10,000 
82 
0.61 
586,668 
0.24 
10,001–50,000 
68 
0.51 
1,681,253 
0.68 
50,001–100,000 
12 
0.09 
920,969 
0.37 
100,001–500,000 
22 
0.16 
5,070,997 
2.05 
500,001– 
30 
0.22 
235,548,264 
95.31 
Total 
13,452 
100.00 
247,144,399 
100.00 
Ownership structure 
No. of 
% of 
Shareholders 
shares 
shares 
Public sector 
45,722,089 
18.50 
Financial and insurance corporations 
71,781,707 
29.04 
Households 
3,895,597 
1.58 
Non-financial corporations 
2,076,041 
0.84 
Non-profit institutions 
51,758,703 
20.94 
Other countries 
71,910,262 
29.10 
Total 
247,144,399 
100.00 
Nominee-registered 
83,172,598 
33.65 

 
Board of Directors’ Report and Financial Statements 
2023 
17 
Hallituksen toimintakertomus ja tilinpäätös 
Governance
Annual General Meeting 
Kojamo’s Annual General Meeting (AGM) of 16 March 2023 
adopted the financial statements for the financial year 2022 
and discharged the members of the Board of Directors and the 
CEO from liability. The AGM also decided on dividend pay-
ment, 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 and also decided 
amendment of the Articles of Association. 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/en/investors/cor-
porate-governance/annual-general-meeting/annual-general-
meeting-2023/.
Board of Directors and auditors 
The members of Kojamo’s Board of Directors are Mikael Aro 
(Chairman), Mikko Mursula (Vice-Chairman), Kari Kauniskan-
gas, Anne Koutonen, Andreas Segal, Catharina Stackelberg-
Hammarén and Annica Ånäs. The company’s auditor is KPMG 
Oy Ab, with Authorised Public Accountant Petri Kettunen 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 Koutonen (Chairman), Kari Kauniskangas, Mikko 
Mursula and Annica Ånäs serve in the Audit Committee. Mi-
kael Aro (Chairman), Andreas Segal and Catharina Stackel-
berg-Hammarén serve in the Remuneration Committee. 
Nomination Board 
A stock exchange release was issued on 13 September 2023 
announcing the composition of Kojamo plc’s Nomination 
Board. Kojamo’s three largest shareholders nominated the fol-
lowing members to the Shareholders’ Nomination Board: 
Christian Fladeland, CIO, Heimstaden; Jouko Pölönen, CEO, 
Ilmarinen 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 expert 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. 
The proposal of the Nomination Board to the Annual General 
Meeting were published as a stock exchange release on 18 
December 2023.
CEO 
Jani Nieminen, M.Sc. (Tech.), 
MBA was the CEO during the 
review period. The CEO’s deputy was CFO Erik Hjelt, Licenti-
ate 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; Ville 
Raitio, Chief Investment Officer; and Janne Ojalehto, Execu-
tive Vice President, Housing. 
The company published a stock exchange release on May 31, 
2023 announcing that Katri Harra-Salonen, Chief Digital Of-
ficer, has resigned and left her position at the end of August. 
The company published a stock exchange release on 22 Au-
gust, 2023 announcing that Tiina Kuusisto will not continue 
working for Kojamo. Her work obligation ended on August 23, 
2023. 
Description of corporate governance 
The description of Kojamo’s administration and the Corporate 
Governance Statement are publicly available on Kojamo’s 
website at https://kojamo.fi/en/investors/releases-and-publica-
tions/financial-reports/.
Personnel 
At the end of 2023, Kojamo had a total of 288 (304) employ-
ees, of who 271 (270) were on permanent contracts and 17 
(34) were on temporary contracts. The average number of per-
sonnel during the year was 315 (316). The average length of 
service was 9.3 (9.3) years. Personnel turnover in 2023 was 
10.9 (17.6) per cent. 
The company hired about 50 summer 
employees in 2023. 
The salaries and fees paid during the financial year totalled 
EUR 18.8 (17.8) 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 review period: 2021–2023, 2022– 
2024 and 2023–2025. 

 
Board of Directors’ Report and Financial Statements 
2023 
18 
Hallituksen toimintakertomus ja tilinpäätös 
On 15 February 2023, Kojamo’s Board of Directors resolved 
on the long-term incentive plan’s performance period of 2023– 
2025. The possible rewards for the performance period are 
based on the Group’s revenue (%), Funds From Operations 
(FFO) per share and apartment-specific CO2 emission reduc-
tion target for years 2023–2025, and Loan to Value ratio. The 
rewards to be paid on the basis of the performance period cor-
respond to the value of a maximum total of 178,000 shares in-
cluding 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 385,211 
Kojamo shares, of which part of would be paid in Kojamo 
shares and part of in cash. More information on the long-term 
incentive plan is provided in Kojamo’s Remuneration Report 
for 2023. 
On 15 February 2023, Kojamo’s Board of Directors approved 
to establish a new restricted share programme for the years 
2023–2025. The programme will be used in specific situations 
decided by the Board of Directors separately. The programme 
consists of individual, annually commencing maximum three-
year long restricted share plans within which the participants 
have the opportunity to receive a fixed number of shares as a 
long-term incentive and retention award. 
2023–2025 commitment period will last until the end of 2025 
and the possible reward will be paid during the year following 
the expiry of the period partially in shares in the company and 
partially in cash. The maximum gross number of shares to be 
granted is 50,000 shares.
Statement of non-financial information
Ta
xonomy reporting 
Since 2021, we have voluntarily reported on the EU taxonomy 
eligibility and, in 2022, we also included alignment in our tax-
onomy reporting. For the year 2023, we have revised our tax-
onomy reporting in accordance with the EPRA’s (European 
Public Real Estate Association) taxonomy reporting recom-
mendations updated in November 2023 (EU Taxonomy Align-
ment in Listed Real Estate, Nov 2023 Edition). 
Of the seven economic activities included in the EU taxonomy, 
according to EPRA's recommendations, only 7.7 Acquisition 
and ownership of buildings is relevant to our business when 
reviewing objectives related to climate change. Regarding the 
four environmental goals – transition to a circular economy, 
sustainable use and protection of water and marine resources, 
pollution prevention and control, protection and restoration of 
biodiversity and ecosystems, EPRA states that only the goals 
related to circular economy are relevant in the real estate sec-
tor. However, 
EPRA does not connect the five circular eco-
nomic activities defined in the taxonomy at all to the acquisition 
and ownership of buildings. 
Therefore, we have interpreted that our taxonomy reporting 
should only cover 7.7. Acquisition and ownership of buildings 
in terms of climate change mitigation and climate change ad-
aptation. Accordingly, our taxonomy alignment reporting for 
2023 covers the acquisition and ownership of buildings and 
substantial contribution to climate change mitigation. The exist-
ing portfolio makes up the majority of our business operations. 
EPRA's recommendations divide the existing portfolio into two 
different categories according to the date of construction: prop-
erties built before 31 December 2020 and properties built after 
31 December 2020. 
To 
the properties built before 31 December 2020, the taxon-
omy applies an energy efficiency criterion according to which 
the energy rating of the property must be A or the property 
must represent the best 15 per cent of national building stock 
in terms of primary energy demand. To determine the best 15 
per cent, we have used as the threshold energy rating of 119, 
referring to the study commissioned by Finnish Association of 
Building Owners and Construction Clients (Rakli ry), titled “As-
sessment of the primary energy consumption of the best 15 
per cent of property stock” (in Finnish: 
Rakennuskannan 15 
prosentin parhaimmiston primäärienergian kulutuksen määrit-
tely
). For properties that were built before 31 December 2020, 
we have reported properties with an energy class of A or an E 
value of 119 or below as aligning with the taxonomy. 
For properties built after 31 December 2020, in accordance 
with EPRA's recommendations, we have used a criterion that 
determines the energy efficiency to be at least 10 per cent 
lower in terms of primary energy demand than the threshold 
value for nearly zero energy buildings. This sets the E value 
threshold to 81. For properties built after 31 December 2020, 
we have reported as aligning with the taxonomy properties 
with an E value of 81 or below, and which are 5,000 m
2
 
or less 
in size. 
The EU taxonomy's only “do no significant harm" criterion for 
the acquisition and ownership of buildings is the implementa-
tion of property-specific climate risk mapping. We have carried 
out property-specific climate risk mapping in accordance with 
the taxonomy requirements for 80 per cent of the properties 
that meet the criteria mentioned above. Only a few individual 
properties were found to currently have a medium level risk re-
lated to climate change. These risks were related to heat 
waves and floods. Even in the medium term, only less than 
twenty properties were found to have a medium level risk. 
These were mainly related to heat waves. RCP 2.6 and RCP 
8.5 scenarios were used in property-specific risk mapping. 
We report total revenue, capital expenditures and operational 
costs as described above for properties that we have owned in 
2023. Capital expenditures include all repair costs for proper-
ties that align with the taxonomy, as well as the costs of reno-
vations and energy improvements for properties for which a 
capital expenditure plan has been drawn up to achieve taxon-
omy alignment. With reference to EPRA's recommendations, 
we have used the date of entry into force of the building permit 
to determine whether the property was built before or after 31 
December 2020. We don’t produce fossil gas or nuclear en-
ergy.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
19 
Hallituksen toimintakertomus ja tilinpäätös 
Taxonomy-aligned proportion of revenue 
Financial year 2023 
Substantial contribution criteria 
DNSH criteria 
Economic activities 
Code
Revenue
Proportion of revenue
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation *
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proposition of taxonomy aligned
revenue, year 2022
Category enabling activity
Category transitional activity
Y; N; 
Y; N; 
Y; N; 
Y; N; 
Y; N; 
M€ 
% 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
% 
E 
T 
A. Taxonomy-eligible activities 
A.1 Environmentally sustanable activities (Taxonomy-aligned) 
Acquisition and 
ownership of buildings 
7.7 
129.1 
29.2 
Y 
N 
N/EL 
N/EL 
N/EL 
N/EL 
Y 
Y 
Y 
Y 
Y 
Y 
N 
Revenue of 
environmentally 
suistainable 
activities 
(Taxonomy-aligned) (A.1) 
129.1 
29.2 
100% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
N 
Of which Enabling 
129.1 
29.2 
100% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
N 
Of which Transitional 
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Acquisition and 
ownership of buildings 
7.7 
312.9 
70.8 
EL 
EL 
N/EL 
N/EL 
N/EL 
N/EL 
Revenue of Taxonomy- 
eligible but not 
environmentally sustainable 
(not Taxonomy-aligned 
activities) (A.2) 
312.9 
70.8 
100% 
0% 
0% 
0% 
0% 
0% 
A. Revenue of 
Taxonomy eligible 
activities (A.1 + A.2) 
442.0 
100.0 
100% 
0% 
0% 
0% 
0% 
0% 
B. Taxonomy-non eligible activities 
Revenue of 
Taxonomy-non-eligible 
activities 
0.2 
0.0 
Total (A + B) 
442.2 
100.0 
* Climate risk assessment coverage 80% 
EL = Eligible; N/EL = Non-eligible 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
20 
Hallituksen toimintakertomus ja tilinpäätös 
Taxonomy-aligned proportion of CapEx 
Financial year 2023 
Substantial contribution criteria 
DNSH criteria 
Economic activities 
Code
CapEx
Proportion of CapEx
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation *
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proposition of taxonomy aligned CapEx,
year 2022
Category enabling activity
Category transitional activity
Y; N; 
Y; N; 
Y; N; 
Y; N; 
Y; N; 
M€ 
% 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
% 
E 
T 
A. Taxonomy-eligible activities 
A.1 Environmentally suistanable activities (Taxonomy-aligned) 
Acquisition and 
ownership of buildings 
7.7 
16.3 
40.9 
Y 
N 
N/EL 
N/EL 
N/EL 
N/EL 
Y 
Y 
Y 
Y 
Y 
Y 
N 
CapEx of 
environmentally 
sustainable activities 
(Taxonomy-aligned) (A.1) 
16.3 
40.9 
100% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
N 
Of which Enabling 
16.3 
40.9 
100% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
N 
Of which Transitional 
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Acquisition and 
ownership of buildings 
7.7 
23.6 
59.1 
EL 
EL 
N/EL 
N/EL 
N/EL 
N/EL 
CapEx of Taxonomy-eligible 
but not environmentally 
sustainable activities 
(not Taxonomy-aligned 
activities) (A.2) 
23.6 
59.1 
100% 
0% 
0% 
0% 
0% 
0% 
A. CapEx of 
Taxonomy eligible 
activities (A.1 + A.2) 
40.0 
100.0 
100% 
0% 
0% 
0% 
0% 
0% 
B. Taxonomy-non eligible activities 
Turnover of 
Taxonomy-non-eligible 
activities 
- 
0.0 
Total (A + B) 
40.0 
100.0 
* Climate risk assessment coverage 80% 
EL = Eligible; N/EL = Non-eligible 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
21 
Hallituksen toimintakertomus ja tilinpäätös 
Taxonomy-aligned proportion of OpEx 
Financial year 2023 
Substantial contribution criteria 
DNSH criteria 
Economic activities 
Code
OpEx
Proportion of OpEx
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation *
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proposition of taxonomy aligned OpEx,
year 2022
Category enabling activity
Category transitional activity
Y; N; 
Y; N; 
Y; N; 
Y; N; 
Y; N; 
M€ 
% 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
% 
E 
T 
A. Taxonomy-eligible activities 
A.1 Environmentally suistanable activities (Taxonomy-aligned) 
Acquisition and 
ownership of buildings 
7.7 
34.2 
22.9 
Y 
N 
N/EL 
N/EL 
N/EL 
N/EL 
Y 
Y 
Y 
Y 
Y 
Y 
N 
OpEx of 
environmentally 
sustainable activities 
(Taxonomy-aligned) ( A.1) 
34.2 
22.9 
100% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
N 
Of which Enabling 
34.2 
22.9 
100% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
N 
Of which Transitional 
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Acquisition and 
ownership of buildings 
7.7 
114.2 
76.5 
EL 
EL 
N/EL 
N/EL 
N/EL 
N/EL 
OpEx of Taxonomy-eligible 
but not environmentally 
suistainable activities 
(not Taxonomy-aligned 
activities) (A.2) 
114.2 
76.5 
100% 
0% 
0% 
0% 
0% 
0% 
A. OpEx of 
Taxonomy eligible 
activities (A.1 + A.2) 
148.4 
99.4 
100% 
0% 
0% 
0% 
0% 
0% 
B. Taxonomy-non eligible activities 
Turnover of 
Taxonomy-non-eligible 
activities 
1.0 
0.6 
Total (A + B) 
149.4 
100.0 
* Climate risk assessment coverage 80% 
EL = Eligible; N/EL = Non-eligible 

Board of Directors’ Report and Financial Statements 
2023 
22 
Hallituksen toimintakertomus ja tilinpäätös 
Sustainability programme 
Responsibility and sustainable development is one of the focus 
areas in Kojamo’s strategy. Our sustainability programme is 
based on materiality assessment, and it extends across our 
businesses. It helps us steer and develop our sustainability ef-
forts systematically as a key component of our business oper-
ations. Our sustainability programme sets out focus areas, 
long-term and short-term targets and performance indicators 
for our sustainability efforts. 
The focus areas of our sustainability programme are: 
●
 
sustainable cities 
●
 
the best customer experience 
●
 
most competent personnel and a dynamic place to work 
●
 
a responsible corporate citizen. 
The foundation of our sustainability programme is built on en-
suring long-term profitability and growth, sustainable and re-
sponsible operations and transparent sustainability communi-
cations and reporting. 
Sustainability management 
Our responsibility work is guided by our strategy, values, oper-
ating principles and sustainability programme. The Board of 
Directors is responsible for strategic policies and decisions 
concerning sustainability. The CEO is responsible for the im-
plementation of the Board of Director’s decisions and, with the 
assistance of the Management Team, 
monitors the realisation 
of sustainability as part of the Group’s business operations in 
accordance with the Board’s decisions. At the Management 
Team 
level, the Executive Vice President, Investments & Port-
folio Management, is in charge of sustainability. The Sustaina-
bility 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 sustain-
ability issues. The Sustainability Manager reports to the Exec-
utive Vice President, Investments & Portfolio Management. 
Business directors are in charge of actions related to their re-
spective areas of responsibility with regard to the implementa-
tion of the sustainability programme. Sustainability targets are 
integral elements of the operating plans and objectives of our 
businesses. The Management Team 
acts as the sustainability 
steering group. 
Sustainable cities 
Key policies, principles, commitments and pro-
grammes 
Kojamo’s strategy, Kojamo’s 
values, Code of Conduct, UN 
Sustainable Development Goals, Voluntary energy efficiency 
agreement of the Finnish real estate sector 2017-2025, WWF 
Green Office, 
Due diligence in investment decisions 
Key targets 
Our target is to achieve carbon-neutral energy consumption for 
our property portfolio by 2030 
●
 
Performance indicator 1: Carbon footprint of the property 
portfolio, 
result 2023: 33,304 tCO
2
e 
●
 
Performance indicator 2: Carbon footprint of the property 
portfolio, 
result 2023: 0.8 tCO
2
e/apartment 
The property electricity used by our property portfolio is 100% 
carbon-neutral 
●
 
Performance indicator: Share of carbon-neutral electricity 
of property electricity consumption, result 2023: 100% 
All of our own new development projects, the planning of 
which began in 2021, will be implemented with an E value of ≤ 
80 
●
 
Performance indicator 1: Construction starts, using 
Kojamo’s own plot reserve, with an E-value of 
≤ 
80, 
result: N/A 
●
 
Performance indicator 2: Completed apartments, us-
ing Kojamo’s own plot reserve, with an E-value of 
≤
80, result 2023: 100% 
The sustainability of our business is based on the notion that 
we invest in growth centres, in locations with good public 
transport connections and services. We aim to improve energy 
efficiency, reduce the carbon footprint and promote circular 
economy in property maintenance and in all our investments, 
from new construction to renovation. 
Our goal is to achieve carbon-neutral energy consumption in 
our properties by 2030. We have drafted a roadmap that lays 
out measures to achieve this goal. The primary means of re-
ducing emissions include modernisation, renovations and en-
ergy management. In addition, we make investments, for ex-
ample, in geothermal systems and other renewable energy so-
lutions. New construction also plays a significant role in the re-
duction of the portfolio’s relative CO
2
 
emissions. The 
roadmap’s principles, targets and actions are reviewed sys-
tematically as part of annual planning and budgeting. 
Our annual carbon dioxide emission reduction target is a mini-
mum 4 per cent reduction in CO
2
 
emissions for the entire prop-
erty portfolio until the end of 2025 (measured in terms of 
tCO
2
e/apartment). For 2023, CO
2
 
emission reduction was -
16.9 per cent. A significant action during the financial year was 
the demand response agreement for district heating signed 
with Vantaa Energy for nearly 70 properties. In connection with 
the agreement, we adopted a renewable district heating prod-
uct for the properties in question. 
Our target is to improve the energy efficiency by 30 per cent in 
connection with renovations. In 2023, we continued to invest in 
the repair and modernisation of our property portfolio, with the 
total investments amounting to EUR 56.0 (52.7) million. We 
completed four renovation projects: in Helsinki, Jyväskylä, 
Tampere 
and Turku. The energy efficiency of our property 
portfolio was improved during the year, for example, by replac-
ing ventilation fans, optimising the energy consumption of 
properties and making adjustments to the heating network. In 
2022, we started the conversion of seven properties from dis-
trict heating to geothermal heating. The first geothermal heat 
projects have been concluded, and the remaining projects will 
be completed during 2024. Plans for six new geothermal heat 
projects were completed in 2023. 

Board of Directors’ Report and Financial Statements 
2023 
23 
Hallituksen toimintakertomus ja tilinpäätös 
Our goal is to reduce the total energy consumption and emis-
sions of our properties. We control the heating of 77.0 per cent 
of our apartments with the help of smart optimisation systems. 
Practically all our property portfolio is heated by district heat-
ing. The property electricity of our entire property portfolio is 
produced by using 100 per cent carbon-neutral energy 
sources. 
We promote circular economy in new construction and renova-
tion. We have set a target of sorting and recycling over 70 per 
cent of non-hazardous waste by the end of 2023. During the 
year, we developed our reporting process for collecting data 
on the recycling rate of our construction sites. The reporting 
process was in place for part of the year and, based on the ini-
tial data, we can conclude that achieving a 70 per cent recy-
cling rate will be challenging. We will continue to develop our 
cooperation with our partners to achieve the target. 
The best customer experience 
Key policies, principles, commitments and pro-
grammes 
Kojamo’s strategy, Kojamo’s 
values, Code of Conduct, UN 
Sustainable Development Goals, Through the Customer’s 
Eyes programme, Whistleblowing procedure, Customer satis-
faction surveys 
Key targets 
By the end of 2023, 90 per cent of our households will use the 
My Lumo service 
●
 
Performance indicator 1: Percentage of households using 
My Lumo, 
result 2023: 81% 
●
 
Performance indicator 2: Percentage of customers using 
My Lumo, result 2023: 86% 
We will improve the waste recycling rate of our properties to 55 
per cent by the end of 2023 
●
 
Performance indicator: Waste recycling rate of the prop-
erty portfolio, result 2023: 33% 
We will promote a strong sense of community in housing 
through our active Lumo teams, among other means 
●
 
Performance indicator: Number of Lumo teams and per-
centage of all properties, result 2023: 429 pcs and 56% 
By the end of 2025, the opportunity to use a shared vehicle will 
be offered at all of our properties 
●
 
Performance indicator: Percentage of properties with pos-
sibility to share a vehicle, result 2023: 100% 
We work with a long-term view to promote better and more 
sustainable urban living. The Lumo brand delivers the best 
customer experience in housing for our customers: safe, con-
venient and environmentally friendly housing paired with the 
best housing services. Our main objectives are satisfied resi-
dents and increasing our Net Promoter Score. We measure 
customer satisfaction with Net Promoter Score (NPS), which 
was 50 in 2023. 
The positive development of NPS has been 
influenced by the improvement of our service ability. We have 
also invested in understanding the needs of our customers. 
All our available apartments are available for renting at the 
Lumo webstore where we provide information also on sustain-
ability perspectives on the pages that present our apartments. 
In 2023, we added a travel time search to the webstore which 
helps 
customers looking for an apartment in the Helsinki Re-
gion Transport (HSL) area to find a Lumo home from where it 
is easy to travel to key destinations within the desired time 
frame using public transport. We also incorporated an AI-
driven Apartment Agent function 
to our webstore which 
searches for the most suitable Lumo homes for the user with 
the help of a recommendation algorithm running in the back-
ground. 
Sustainable values are incorporated into the marketplace on 
the My Lumo platform, where customers can purchase various 
additional services related to housing, such as shared vehicle 
service, 
cleaning or moving services. We have customized a 
carbon footprint test for our residents, and residents also have 
the option of purchasing a service that allows them to reduce 
the carbon footprint of their heating to zero. 
During the year, we developed the My Lumo service on the ba-
sis of our residents’s feedback. The changes were based on a 
resident survey and usability testing carried out in the previous 
year, and their aim was to improve customer satisfaction and 
retention, as well as to reduce the number of customer service 
contacts. The changes made the service more user-friendly 
and enhanced communication between the property manager 
and residents. In addition, residents with a foreign background 
have been taken into account better than before. 
In the summer of 2023, we conducted our annual survey 
among our residents regarding the sustainability of housing. 
As the most important sustainability themes in housing, the 
residents highlighted the provision of comprehensive waste 
sorting opportunities, 
both in the apartment and at the waste 
collection point, indoor environmental conditions, i.e. home 
temperature and ventilation, as well as the safety of housing. 
We take electric vehicle charging needs into consideration in 
all of our new construction projects and continuously increase 
the availability of charging opportunities at our existing proper-
ties based on demand. 
Promoting inclusion and a strong sense of community and cre-
ating meeting places are important for us and the residents. 
Lumo teams consist of volunteers who live in the building, and 
who are tasked with developing and livening up the residential 
environment by organising events and shared activities for the 
residents. In 2023, such events included for example Venetian 
festival celebrations, Christmas parties and resident events 
with varying themes. There were a total of 429 active Lumo 
teams in 2023. The shared facilities of Lumo buildings provide 
opportunities for community-oriented living. Examples of 
shared facilities include club rooms, gyms and remote work-
stations. 
Waste sorting and recycling as well as clean waste disposal 
facilities are important aspects of the comfort of residents. In 
2023, we focused on improving our residents’ recycling and 
waste sorting awareness. Improving the effectiveness of com-
munications on recycling has been identified as a key method 
of increasing the recycling rate. We also tested new operating 
practices at selected properties. 

Board of Directors’ Report and Financial Statements 
2023 
24 
Hallituksen toimintakertomus ja tilinpäätös 
The most competent personnel and a dynamic 
place to work 
Key policies, principles, commitments and pro-
grammes 
Kojamo’s strategy, Kojamo’s 
values, Code of Conduct, UN 
Sustainable Development Goals, A responsible employer, Re-
sponsible Summer Job campaign, Personnel policy, Equality 
and non-discrimination plan, Collective bargaining agreements 
Key targets 
Employee Net Promoter Score 
●
 
Performance indicator: eNPS, new employees, result 
2023: 82 
We promote gender equality amongst our personnel. Equal 
and fair operating models are applied in all functions and roles 
●
 
Performance indicator: Gender distribution, 
result 
2023 (women/men): 
o
 
All employees: 60 / 40 
o
 
Supervisors: 44 / 56 
o
 
Management: 
0 / 100 
o
 
Board of Directors: 43 / 57 
Zero accidents 
●
 
Performance indicator: Accident frequency (LTIF), result 
2023: total accident frequency: 14.7, work accidents: 9.2, 
commuting accidents: 5.5 
Our shared values – happy to serve, strive for success and 
courage to change – guide our operations and are reflected in 
our day-to-day work. Our aim is that every Kojamo employee 
enjoys their work and can take pride in the results of their 
work. In 2023, we focused particularly on ensuring smooth and 
effective work for our employees working at the customer inter-
face and developing their working methods with the help of our 
handbooks for sales and property management. 
We have a “Safe at work” training model for new employees, 
safety and rescue plans as well as an occupational healthcare 
action plan. These cover 100 per cent of our employees and 
operating locations. We also have a Customer Service Safety 
Plan for employees who work at the customer interface. 
During 2023, we organised a training related to safety at work 
for our customer service operations. In addition, we carried out 
training activities related to data protection and the use of artifi-
cial intelligence, among other topics. The new ERP system de-
ployment project and related process renewals have also pro-
vided our employees with opportunities to develop their exper-
tise and professional skills. 
Our most recent personnel satisfaction survey was conducted 
in 2022, and the overall results were very good, although the 
overall average score decreased slightly from the previous 
year and came to 4/5. The response rate was 79 per cent. The 
next personnel satisfaction survey will be conducted in 2024. 
As part of the saving programme, we conducted change nego-
tiations to adapt the number of personnel. Improving the effi-
ciency of various functions and potential restructuring 
measures were assessed broadly in the negotiations. As the 
result of the negotiations, 59 employees were laid off until fur-
ther notice or for a fixed term, and five person’s duties ended 
permanently. 
A responsible corporate citizen 
Key policies, principles, commitments and pro-
grammes 
Kojamo’s strategy, Kojamo’s 
values, Code of Conduct, Sup-
plier Code of Conduct, UN Sustainable Development Goals, 
Corporate Governance Code, Whistleblowing procedure, 
Vastuu Group Oy’s Reliable Partner service, Data security 
policy, Risk management, Lumo sponsorship and grant pro-
gramme 
Key targets 
A zero tolerance policy concerning the grey economy 
●
 
Performance indicator: Reports through the whistleblowing 
channel or internal reporting procedures, result 2023: 0 
pcs 
Zero tolerance for data protection violations 
●
 
Performance indicator: Data protection violations or sus-
pected misconducts, result 2023: 4 pcs 
At our construction sites, we monitor the TR figure as an indi-
cator of working conditions in order to maintain a high level of 
occupational safety, our target TR >90 
●
 
Performance indicator: TR indicator, result 2023: 96 
Our Code of Conduct is based on Kojamo’s values. It is the 
foundation for our operating practices and applies to everyone 
at Kojamo. The Code of Conduct includes the Group’s busi-
ness practices and requirements related to responsible and le-
gally compliant operations, conflicts of interest, combating the 
grey economy, competition, responsibility for employees, brib-
ery and corruption, sponsorship, environmental responsibility 
and the protection of assets and data. We have incorporated 
our Code of Conduct training into the orientation of all new em-
ployees. 
Kojamo has a whistleblowing channel that employ-
ees, partners’ employees and other stakeholders can use to 
confidentially report any shortcomings, either anonymously or 
by identifying themselves. 
Especially anti-grey economy models have been recognised 
as key focus areas in the field of construction and contracting. 
Our anti-grey economy operating models are effective and ex-
ceed the legislative requirements in many respects. Responsi-
bility in our procurement activities is guided by Kojamo’s Code 
of Conduct and other procurement principles and guidelines. 
We require compliance with laws and regulations from all our 
partners and subcontractors. We require our partners to be 
registered with the Reliable Partner service maintained by 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
25 
Hallituksen toimintakertomus ja tilinpäätös 
Vastuu Group Ltd to verify that they fulfil the obligations stipu-
lated by the Contractor’s Obligations Act. 
We ensure the sustainability of our procurement activities by 
maintaining a Procurement Policy and providing related train-
ing to our procurement personnel. We have drawn up a sepa-
rate Procurement Policy for construction contracting, IT pur-
chasing and property services. In 2023, we updated our train-
ing regarding the Procurement Policy. In addition to the Pro-
curement Policy, our responsibility is guided by Kojamo’s Code 
of Conduct, which is issued to our employees and incorporated 
into the agreements that we conclude with our partners. We 
conduct supplier audits systematically. 
Our aim is to have no personal data breaches in our opera-
tions and that we are not the subject of any justified complaints 
pertaining to data protection. We operate in full compliance 
with data protection legislation in all processing of personal 
data, and we process personal data with particular care. This 
ensures the confidentiality of the personal data of our custom-
ers and other data subjects throughout the personal data 
lifecycle. The data protection policy covers our main principles, 
responsibilities and operating practices concerning data pro-
tection. The data protection policy is complemented by harmo-
nised data protection guidelines and function-specific practical 
work instructions. In 2023, we introduced a new data protec-
tion training to our online learning environment. The training is 
intended for our entire personnel, and the participation rate for 
the training was 100 per cent. We also updated our data pro-
tection and data security agreement templates. 
In 2023, we identified two personal data breaches in our oper-
ations, both of which were isolated incidents caused by human 
error. We processed the breaches in accordance with our pro-
cedures as required by the EU’s General Data Protection Reg-
ulation. We did not receive any substantiated complaints from 
customers or other data subjects regarding the processing of 
personal data, nor did we receive any requests for clarification 
from the Data Protection Ombudsman based on a data sub-
ject’s complaint. 
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 2023 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. 
The risk assesment takes into consideration strategic and fi-
nancial risks as well as risks related to business operations, 
operating environment and safety. Kojamo’s most significant 
risks and their primary risk management methods are de-
scribed below. 
RISK 
CAUSES OF THE RISK 
CONSEQUENCES 
Strategic risks 
Decreased availability of capital 
●
 
Lower availability of financing due to bank-
ing regulations and/or the domestic or in-
ternational 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 vol-
umes of home sales and portfolio transac-
tions will decrease and the prices of apart-
ments 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 
●
 
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 
●
 
Limited access to capital 
●
 
Failure to achieve strategic growth targets 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
26 
Hallituksen toimintakertomus ja tilinpäätös 
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 
●
 
Image of Lumo rental apartments’ attractive-
ness 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 digi-
talisation 
●
 
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 
Technology solutions fail to support busi-
ness 
●
 
Wrong technology solutions 
●
 
Failures in quality assurances of the new 
deployments 
●
 
Cyber security related deviations 
●
 
Cause challenges to run the business oper-
ations 
●
 
Technology incidents cause damage to rep-
utation 
●
 
Errors and delays in financial reporting 
●
 
Incorrect business decisions are taken due 
to incorrect information in the financial sys-
tem 
Financial risks 
Decreased availability of capital 
●
 
Lower availability of financing due to bank-
ing regulations and/or the domestic or in-
ternational 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 floating market inter-
est rates, 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% 
Loss of investment grade credit rating 
●
 
Deterioration of the market situation 
●
 
Deterioration of key performance indica-
tors, in particular coverage ratio, LTV and 
liquidity 
●
 
Proactive measures to maintain key perfor-
mance indicators 
●
 
A savings program refraining from invest-
ments and dividend payment, sale of prop-
erties, front-loaded financing and capital 
raising 
Other risks 
Data security threats (cyber threats) 
- Confidential or secret information leaks 
to third parties or to the public by various 
means (privacy breach) 
- Deviations (privacy breaches) from the 
General Data Protection Regulation in 
the processing of personal data 
●
 
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 
●
 
Concentration of most confidential customer 
information in industry aplication 
●
 
Increasing automation 
●
 
Ensuring that Kojamo’s guidelines are up-to-
date and that the personnel have sufficient 
knowledge of the relevance of the matter by 
providing them with new personnel orienta-
tion and other training 

 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
27 
Hallituksen toimintakertomus ja tilinpäätös 
●
 
Inadequate controls and supervision and 
failure to comply with data protection and 
data security guidelines 
●
 
Deficiencies in technical or administrative 
data security 
●
 
Phishing 
●
 
Cyber attacks 
●
 
Systematic data protection audits 
●
 
Adequate controls and ensuring their func-
tionality 
●
 
Cyber insurance 
●
 
Crisis communications plan review and 
training, also the simplicity of guidelines and 
ensuring that they are up-to-date 
The information systems that are the 
most critical for the Group’s operations 
are not available, there is lack of integrity 
in the available data or the systems 
function incorrectly 
●
 
Malware 
●
 
Denial-of-service attacks 
●
 
Intentional misconduct 
●
 
Failure to comply with data security guide-
lines 
●
 
Software coding error 
●
 
Incompatibility of different software and 
middleware 
●
 
Disturbances in telecommunications con-
nections or in cloud-based business sup-
port systems 
●
 
Guidelines for data security matters and 
monitoring that the guidelines are followed 
●
 
Ensuring sufficient technical competence 
and expertise 
●
 
Auditing the operating models of key IT part-
ner companies and ensuring the compe-
tence and sufficiency of own resources in 
software deployment and testing 
●
 
Ensure the timeliness of reporting and con-
troller operations in identifying possible devi-
ations 
●
 
Maintaining and refining of business conti-
nuity plans as well as regular training 
●
 
Training 
●
 
Keeping IT services up-to-date and planning 
updates, as well as quality assurances in 
connection with service changes 
Violation of data protection legislation or 
practices 
●
 
Data protection principles are not fully com-
plied with 
●
 
Data subjects’ rights are realised inade-
quately 
●
 
Insufficient data protection expertise 
●
 
Data protection documentation is inade-
quate or outdated and accountability is not 
realised 
●
 
The data subject is inadequately informed 
of the processing of personal data 
●
 
Personal data breaches occur 
●
 
There are shortcomings in data security 
and personal data is jeopardised 
●
 
There are shortcomings in the data protec-
tion or data security of the partner acting as 
the processor of personal data 
●
 
Assigning an owner to each processing ac-
tivity 
●
 
Preparing and updating processing activity 
descriptions, impact assessments, balance 
tests and TIA assessments 
●
 
Regular evaluation and updating of the in-
formation targeted at the data subject 
●
 
Regular evaluation and updating of data 
protection processes 
●
 
Ensuring the meeting of data protection and 
data security requirements as part of devel-
opment projects and partner selection 
●
 
Regular data protection and data security 
training for the personnel as well as work 
in-
structions 
●
 
Appropriate access control 
●
 
Identifying, reporting and addressing data 
protection shortcomings 
Change management, the personnel do 
not commit to the short-term and long-
term goals set or to operational reforms 
and their development 
●
 
The goals of the operations have not been 
defined or described or they are unclear or 
unmeasurable and do not allow for ade-
quate monitoring and control of the opera-
tions 
●
 
The goals are not prioritised clearly enough 
●
 
The goals are not managed top-down in 
the organisation 
●
 
The achievement of the goals is not suffi-
ciently communicated or reported on 
●
 
Supervisory work 
●
 
Systematic change management according 
to the change plan 
●
 
Defining, communicating and actively moni-
toring clear goals derived from the strategy 
●
 
Ensuring communications about the strat-
egy and interactivity with development dis-
cussions 
●
 
Appropriate setting, prioritisation and regular 
monitoring of goals 
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 
●
 
Sustainability programme 
●
 
Climate risk assessment for selected prop-
erties 
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 
●
 
Active monitoring of the development of EU 
and national legislation 
●
 
Promoting the sustainability programme and 
carbon-neutral energy consumption 
roadmap 

 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
28 
Hallituksen toimintakertomus ja tilinpäätös 
●
 
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 
●
 
Consideration of stricter requirements in the 
design of new construction as early as pos-
sible 
 
Near-term risks and uncertainties
Kojamo estimates that the most significant near-term risks and 
uncertainties are caused by the uncertain situation in property 
and financial markets, interest rate development as well as by 
geopolitical tensions. 
Geopolitical tensions including Russia’s war of aggression in 
Ukraine and the conflict in the Middle East continue to cause 
economic uncertainty and may affect inflation and interest 
rates. The uncertainty can have impacts on the housing and 
property markets, including apartment prices, rents and yield 
requirements as well as on the operations of the construction 
companies. In addition, the acts of war may have an impact on 
the availability and prices of building materials. If inflation does 
not decrease as predicted, the decrease in interest rates may 
be postponed. The increased costs could affect Kojamo’s re-
sult and cash flow as well as the fair value of apartments. 
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 may affect the ability of residents to pay rent and, sub-
sequently, the company’s rental income. 
The weakening of the property and financial markets as well 
as the changes in market interest rates may lower the credit 
rating, make it more difficult to get financing and increase the 
price of financing significantly as well as weaken Kojamo’s fi-
nancial key figures. These factors may affect Kojamo's profit 
and cash flow, as well as the fair value of the apartments. 
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. 
Cyber attacks and various other data security threats have in-
creased. These data security breaches could impact Kojamo’s 
business operations and the reliability of information systems. 
Kojamo's most significant risks are described in more detail in 
the report on non-financial information.
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 has been outsourced to the audit 
firm PricewaterhouseCoopers Oy. Kojamo has designated the 
CFO and Group Controller to be in charge of coordinating the 
practical activities. Internal auditing operates under the author-
ity of the CEO and the Audit Committee and reports its obser-
vations and recommendations to the Audit Committee, the 
CEO, the Management Team 
and the auditor. The auditing 
function covers 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 2023, the main focus areas of internal auditing operations 
were related to unit audits, information security, sustainability 
and management of occupancy rate and customer satisfaction. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
29 
Hallituksen toimintakertomus ja tilinpäätös 
Group structure and changes therein 
At the end of the financial year, the legal Group comprised 377 
(380) subsidiaries and 44 (42) associates companies. 
Subsidiaries wholly owned by Kojamo plc are Lumo Kodit Oy, 
Lumo Vuokratalot Oy, 
Lumohousing 2 Oy, Lumohousing 11 
Oy, Lumohousing 12 Oy, 
Lumo Asumisen Palvelut Oy, VVO 
Hoivakiinteistöt Oy, Kojamo Holding Oy, 
Kotinyt Oy and 
Kojamo Palvelut Oy. In addition, Kojamo plc has a 50 per cent 
holding in SV-Asunnot Oy. 
Lumohousing 10 Oy merged with Lumo Kodit Oy on 1 May 
2023.
Group structure 31 Dec 2023 
 
Associated 
M€ 
Subsidiaries 
companies 
Kojamo plc 
10 
1)
2 
Parent companies of sub-groups 
Lumo Kodit Oy 
355 
34 
Lumo Vuokratalot Oy 
10 
3 
2)
Lumo Asumisen Palvelut Oy 
1 
6 
Kojamo Palvelut Oy 
1 
Total 
377 
44 
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 the financial year
In January 2024, Kojamo plc announced as a stock exchange 
release that Kojamo plc issued EUR 200 million unsecured 
green notes as a private placement. The new notes were is-
sued under the company’s EMTN programme as an increase 
to the company’s notes maturing on 28 May 2029. The pro-
ceeds of the issue will be used for the refinancing of projects in 
accordance with the company’s Green Finance Framework.
Proposal by the Board of Directors for the distribution of 
profits
The parent company Kojamo plc’s distributable unrestricted 
equity on 31 Dec 2023 was EUR 155,723,844.51, of which the 
profit for the financial year amounted to EUR 1,043,478.44. No 
significant changes have taken place in the company’s finan-
cial position since the end of the financial year. 
In August, Kojamo plc announced that as a part of the saving 
programme, the company’s Board of Directors will propose to 
the Annual General Meeting in the spring of 2024 that no divi-
dend be paid for 2023.

 
Board of Directors’ Report and Financial Statements 
2023 
30 
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 
2023 
2022 
EPRA Earnings, M€ 
159.9 
158.2 
EPRA Earnings per share (EPS), € 
0.65 
0.64 
EPRA Net Reinstatement Value (NRV), M€ 
4,558.8 
4,825.9 
EPRA NRV per share, € 
18.45 
19.53 
EPRA Net Tangible Assets (NTA), M€ 
4,558.2 
4,825.2 
EPRA NTA per share, € 
18.44 
19.52 
EPRA Net Disposal Value (NDV), M€ 
3,757.3 
4,060.8 
EPRA NDV per share, € 
15.20 
16.43 
EPRA Loan to Value (LTV), % 
44.6 
43.2 
EPRA Net Initial Yield (NIY), % 
4.0 
3.7 
EPRA 'topped-up' NIY, % 
4.0 
3.7 
EPRA Vacancy Rate, % 
7.1 
8.0 
EPRA Cost Ratio (including direct vacancy costs), 
% 
12.7 
12.5 
EPRA Cost Ratio (excluding direct vacancy costs), 
% 
9.2 
8.6 
EPRA Earnings 
M€ 
2023 
2022 
Earnings per IFRS income statement 
-89.0 
-399.8 
(i) Change in value of investment properties, development 
properties held for investment and other interests 
295.4 
682.0 
(ii) Profits or losses on disposal of investment 
properties, 
development properties held for investment and other 
interest 
-0.4 
-0.2 
(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 
0.2 
(vi) Changes in fair value of financial instruments 
0.9 
-6.8 
(vi) Early close-out costs/gains of financial instruments and 
debt 
-7.0 
- 
(viii) Deferred tax in respect of EPRA adjustments 
-39.8 
-117.2 
EPRA Earnings 
159.9 
158.2 
Average number of shares, million 
247.1 
247.1 
EPRA Earnings per share (EPS), € 
0.65 
0.64

 
Board of Directors’ Report and Financial Statements 
2023 
31 
Hallituksen toimintakertomus ja tilinpäätös 
EPRA Net Asset Values 
2023 
2022 
M€ 
NRV 
NTA 
NDV 
NRV 
NTA 
NDV 
IFRS Equity attributable to shareholders 
3,625.9 
3,625.9 
3,625.9 
3,842.7 
3,842.7 
3,842.7 
Diluted NAV 
3,625.9 
3,625.9 
3,625.9 
3,842.7 
3,842.7 
3,842.7 
Diluted NAV at Fair Value 
3,625.9 
3,625.9 
3,625.9 
3,842.7 
3,842.7 
3,842.7 
Exclude: 
(v) Deferred tax in relation to fair value gains 
825.4 
825.4 
872.8 
872.8 
(vi) Fair value of financial instruments 
-13.1 
-13.1 
-52.6 
-52.6 
(viii.b) Intangibles as per the IFRS balance sheet 
-0.6 
-0.7 
Include: 
(ix) Fair value of fixed interest rate debt * 
131.4 
218.1 
(xi) Real estate transfer tax 
120.6 
120.6 
163.0 
163.0 
Net Asset Value 
4,558.8 
4,558.2 
3,757.3 
4,825.9 
4,825.2 
4,060.8 
Number of shares, million 
247.1 
247.1 
247.1 
247.1 
247.1 
247.1 
NAV per share 
18.45 
18.44 
15.2 
19.53 
19.52 
16.43 
* Balance sheet at amortised cost and the fair value of 
interest-bearing loans and borrowings

 
Board of Directors’ Report and Financial Statements 
2023 
32 
Hallituksen toimintakertomus ja tilinpäätös 
EPRA LTV (Loan to Value) 
2023 
 
Share of 
Share of 
Non- 
 
Group as 
Joint 
Material 
controlling 
 
M€ 
reported 
Ventures 
Associates 
Interest 
Combined 
Include: 
Borrowings from Financial institutions 
1,483.3 
- 
- 
- 
1,483.3 
Commercial paper 
39.7 
- 
- 
- 
39.7 
Bond Loans 
1,993.2 
- 
- 
- 
1,993.2 
Net Payables 
56.8 
- 
- 
- 
56.8 
Owner-occupied property (debt) 
5.6 
- 
- 
- 
5.6 
Exclude: 
Cash and cash equivalents 
-15.0 
- 
- 
- 
-15.0 
Net Debt (A) 
3,563.7 
- 
- 
- 
3,563.7 
Include: 
Owner-occupied property 
27.2 
- 
- 
- 
27.2 
Investment properties at fair value 
7,781.2 
- 
- 
- 
7,781.2 
Properties under development 
179.8 
- 
- 
- 
179.8 
Intangibles 
0.6 
- 
- 
- 
0.6 
Financial assets 
4.1 
- 
- 
- 
4.1 
Total Property Value 
7,992.9 
- 
- 
- 
7,992.9 
EPRA Loan to Value (LTV), % 
44.6 
- 
- 
- 
44.6 
2022 
 
Share of 
Share of 
Non- 
 
Group as 
Joint 
Material 
controlling 
 
M€ 
reported 
Ventures 
Associates 
Interest 
Combined 
Include: 
Borrowings from Financial institutions 
1,226.4 
- 
- 
- 
1,226.4 
Commercial paper 
30.9 
- 
- 
- 
30.9 
Bond Loans 
2,338.9 
- 
- 
- 
2,338.9 
Net Payables 
65.7 
- 
- 
- 
65.7 
Owner-occupied property (debt) 
7.5 
- 
- 
- 
7.5 
Exclude: 
Cash and cash equivalents 
-119.4 
- 
- 
- 
-119.4 
Net Debt (A) 
3,550.0 
- 
- 
- 
3,550.0 
Include: 
Owner-occupied property 
27.6 
- 
- 
- 
27.6 
Investment properties at fair value 
7,681.2 
- 
- 
- 
7,681.2 
Properties under development 
395.2 
- 
- 
- 
395.2 
Intangibles 
0.7 
- 
- 
- 
0.7 
Financial assets 
104.7 
- 
- 
- 
104.7 
Total Property Value 
8,209.3 
- 
- 
- 
8,209.3 
EPRA Loan to Value (LTV), % 
43.2 
- 
- 
- 
43.2

 
Board of Directors’ Report and Financial Statements 
2023 
33 
Hallituksen toimintakertomus ja tilinpäätös 
EPRA Net Initial Yield (NIY) and EPRA "topped-up" NIY 
M€ 
2023 
2022 
Investment property 
8,038.8 
8,150.2 
Trading property 
- 
0.1 
Developments 
-179.8 
-395.2 
Completed property portfolio 
7,859.0 
7,755.1 
Allowance for estimated purchasers’ costs 
117.9 
155.1 
Gross up completed property portfolio valuation 
B 
7,976.9 
7,910.2 
Annualised cash passing rental income 
464.2 
438.9 
Property outgoings 
-146.7 
-148.9 
Annualised net rents 
A 
317.5 
290.0 
Notional rent expiration of rent free periods or other 
lease incentives 
- 
- 
Topped-up net annualised rent 
C 
317.5 
290.0 
EPRA Net Initial Yield (NIY), % 
A/B 
4.0 
3.7 
EPRA 'topped-up' NIY, % 
C/B 
4.0 
3.7 
EPRA Vacancy Rate 
M€ 
2023 
2022 
Estimated rental value of vacant space * 
A 
31.3 
33.7 
Estimated rental value of the whole portfolio * 
B 
444.4 
419.8 
EPRA Vacancy Rate, % 
A/B 
7.1 
8.0 
* Including rental value of apartments. 
EPRA Cost Ratios (Operating expenses relative to gross rental income) 
M€ 
2023 
2022 
Include: 
(i) Administrative expense line per IFRS income statement 
45.6 
43.1 
(i) Maintenance expense line per IFRS income 
statement 
115.7 
103.1 
(i) Repair expense line per IFRS income statement 
29.3 
30.2 
(ii) Net service charge costs/fees 
-15.8 
-13.8 
(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 
-0.1 
0.0 
(viii) Service charge costs recovered through rents 
but not separately invoiced 
-137.5 
-128.3 
EPRA Costs (including direct vacancy costs) 
A 
36.7 
33.8 
(ix) Direct vacancy costs 
-10.2 
-10.7 
EPRA Costs (excluding direct vacancy costs) 
B 
26.5 
23.1 
(x) Gross Rental Income less ground rent costs - per 
IFRS 
425.7 
398.5 
(xi) Service fee and service charge costs components 
of Gross Rental Income 
-137.5 
-128.3 
Gross Rental Income 
C 
288.1 
270.3 
EPRA Cost Ratio (including direct vacancy costs), 
% 
A/C 
12.7 
12.5 
EPRA Cost Ratio (excluding direct vacancy costs), 
% 
B/C 
9.2 
8.6

 
Board of Directors’ Report and Financial Statements 
2023 
34 
Hallituksen toimintakertomus ja tilinpäätös 
EPRA Property-related CapEx 
2023 
2022 
 
Joint 
 
Joint 
 
Group 
Ventures 
 
Group 
Ventures 
 
(exl. Joint 
(proportionate 
Total 
(exl. Joint 
(proportionate 
Total 
M€ 
Ventures) 
share) 
Group 
Ventures) 
share) 
Group 
Acquisitions 
- 
- 
- 
197.5 
- 
197.5 
Development 
159.9 
- 
159.9 
277.1 
- 
277.1 
Investment properties 
No incremental lettable space 
26.7 
- 
26.7 
22.5 
- 
22.5 
Capitalised interest 
4.2 
- 
4.2 
4.6 
- 
4.6 
Total CapEx 
190.7 
- 
190.7 
501.6 
- 
501.6 
Conversion from accrual to cash basis 
10.5 
- 
10.5 
3.3 
- 
3.3 
Total CapEx on cash basis 
201.3 
- 
201.3 
504.9 
- 
504.9 
EPRA Like-for-Like 
Like-for-Like properties consist of investment properties held for two consecutive years. 
2023 
2022 
Change 
M€ 
M€ 
M€ 
% 
Rental income 
391.7 
384.5 
7.2 
1.9 
Net rental income 
259.4 
259.2 
0.2 
0.1 
Like-for-Like investment properties 
6,438.9 
6,670.2 
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

 
Board of Directors’ Report and Financial Statements 
2023 
35 
Hallituksen toimintakertomus ja tilinpäätös 
FINANCIAL STATEMENTS 
This translation is a non-official version of the Financial Statements. 
Consolidated comprehensive income statement 
M€ 
Note 
1–12/2023 
1–12/2022 
Total revenue 
2.1 
442.2
413.3
Maintenance expenses 
-115.7
-103.1
Repair expenses 
-29.3
-30.2
Net rental income 
297.2
280.1
Administrative expenses 
2.3 
-45.6
-43.1
Other operating income 
2.2 
4.0
3.8
Other operating expenses 
2.2 
-0.3
-0.3
Profit/loss on sales of investment properties 
2.2 
0.2
0.2
Profit/loss on sales of trading properties 
-
0.0
Profit/loss on fair value of investment properties 
3.1 
-295.4
-682.0
Depreciation, amortisation and impairment 
2.5 
-1.3
-1.2
Operating profit/loss 
-41.1
-442.5
Financial income 
13.5
9.6
Financial expenses 
-84.8
-67.0
Total amount of financial income and expenses 
4.2 
-71.3
-57.4
Share of result from associated companies 
0.1
0.1
Profit/loss before taxes 
-112.3
-499.8
Current tax expense 
5.1 
-16.5
-17.3
Change in deferred taxes 
5.2 
39.8
117.2
Profit/loss for the period 
-89.0
-399.8
Profit/loss for the financial period attributable 
to 
shareholders of the parent company 
-89.0
-399.8
Other comprehensive income 
Items that may be reclassified subsequently to profit 
or loss 
Cash flow hedges 
4.2 
-39.8
92.4
Deferred taxes 
5.2 
8.0
-18.5
Items that may be reclassified subsequently 
to profit or loss 
-31.8
74.0
Total comprehensive income for the period 
-120.8
-325.8
Total comprehensive income attributable to 
shareholders of the parent company 
-120.8
-325.8
Earnings per share based on profit/loss attributable 
to shareholders of the parent company 
2.7 
Basic, € 
-0.36
-1.62
Diluted, € 
-0.36
-1.62
Average number of shares, million 
2.7 
247.1
247.1

 
Board of Directors’ Report and Financial Statements 
2023 
36 
Hallituksen toimintakertomus ja tilinpäätös 
Consolidated balance sheet 
M€ 
Note 
31 Dec 2023 
31 Dec 2022 
Assets 
Non-current assets 
Intangible assets 
6.2 
0.6
0.7
Investment properties 
3.1, 6.1 
8,038.8
8,150.2
Property, plant and equipment 
6.1, 6.3 
28.0
28.4
Investments in associated companies 
7.3 
2.0
1.5
Financial assets 
4.3 
0.8
0.7
Non-current receivables 
6.4 
6.5
6.7
Derivatives 
4.5 
29.8
53.8
Deferred tax assets 
5.2 
4.9
1.5
Total non-current assets 
8,111.4
8,243.4
Current assets 
Trading property 
3.3 
-
0.1
Derivatives 
4.5 
0.6
0.2
Current tax assets 
11.1
4.0
Trade and other receivables 
6.5 
17.0
11.1
Financial assets 
4.3 
3.3
104.0
Cash and cash equivalents 
15.0
119.4
Current assets total 
46.9
238.9
Total assets 
8,158.3
8,482.3
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 
11.2
43.0
Invested non-restricted equity reserve 
164.4
164.4
Retained earnings 
3,356.4
3,541.4
Equity attributable to shareholders of the parent company 
3,625.9
3,842.7
Total equity 
4.1 
3,625.9
3,842.7
Liabilities 
Non-current liabilities 
Loans and borrowings 
4.4, 6.1 
3,007.2
3,330.5
Deferred tax liabilities 
5.2 
829.3
873.7
Derivatives 
4.5 
17.3
1.4
Provisions 
6.6 
0.1
0.3
Other non-current liabilities 
6.6 
4.9
5.0
Total non-current liabilities 
3,858.9
4,210.9
Current liabilities 
Loans and borrowings 
4.4, 6.1 
593.2
347.7
Derivatives 
4.5 
-
0.0
Current tax liabilities 
4.9
2.5
Trade and other payables 
6.7 
75.4
78.5
Current liabilities total 
673.5
428.7
Total liabilities 
4,532.4
4,639.6
Total equity and liabilities 
8,158.3
8,482.3

 
Board of Directors’ Report and Financial Statements 
2023 
37 
Hallituksen toimintakertomus ja tilinpäätös 
Consolidated 
statement of cash flows 
M€ 
Note 
1–12/2023 
1–12/2022 
Cash flow from operating activities 
Profit/loss for the period 
-89.0
-399.8
Adjustments 
7.1 
345.0
639.4
Change in net working capital 
Change in trade and other receivables 
-0.5
-1.6
Change in trading properties 
-
0.0
Change in trade and other payables 
-0.6
-2.2
Interest paid 
-79.4
-58.4
Interest received 
2.3
1.1
Other financial items 
-3.4
-0.4
Taxes paid 
-21.2
-19.0
Net cash flow from operating activities 
153.3
159.0
Cash flow from investing activities 
Acquisition of investment properties 
3.1 
-201.3
-504.9
Acquisition of associated companies 
-0.6
-0.1
Acquisition of property, plant and equipment and intangible assets 
-0.3
-0.3
Proceeds from sale of investment properties 
5.1
1.1
Proceeds from sale of associated companies 
0.3
-
Purchases of financial assets 
-55.0
-140.9
Proceeds from sale of financial assets 
157.1
164.4
Non-current loans, granted 
0.0
-0.1
Repayments of non-current loan receivables 
0.2
0.2
Interest and dividends received on investments 
0.9
0.4
Net cash flow from investing activities 
-93.6
-480.2
Cash flow from financing activities 
4.4 
Non-current loans and borrowings, raised 
500.0
450.0
Non-current loans and borrowings, repayments 
-574.5
-91.6
Current loans and borrowings, raised 
135.8
205.8
Current loans and borrowings, repayments 
-127.2
-225.2
Repayments of lease liabilities 
-1.8
-1.6
Dividends paid 
-96.4
-93.9
Net cash flow from financing activities 
-164.1
243.5
Change in cash and cash equivalents 
-104.4
-77.6
Cash and cash equivalents at the beginning 
of the period 
119.4
197.0
Cash and cash equivalents at the end of 
the period 
4.3 
15.0
119.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
38 
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 2023 
58.0
35.8
43.0
164.4
3,541.4
3,842.7
3,842.7
Comprehensive income 
Cash flow hedging 
-31.8
-31.8
-31.8
Profit for the period 
-89.0
-89.0
-89.0
Total comprehensive income for the period 
-31.8
-89.0
-120.8
-120.8
Transactions with shareholders 
Share-based incentive scheme 
0.4
0.4
0.4
Dividend payment 
-96.4
-96.4
-96.4
Total transactions with shareholders 
-96.0
-96.0
-96.0
Total change in equity 
-31.8
-185.0
-216.8
-216.8
Equity at 31 Dec 2023 
4.1 
58.0
35.8
11.2
164.4
3,356.4
3,625.9
3,625.9
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 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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
39 
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 
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 sec-
tions 1–7.
 

 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
40 
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
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. The Group’s five bonds are 
listed on the official list of the Irish Stock Exchange. The Group 
has chosen Finland as its home state for the disclosure of peri-
odic information pursuant to Chapter 7, Section 3 of the Finn-
ish Securities Market Act. 
At its meeting on 15 February 2024, Kojamo plc’s Board of Di-
rectors approved these financial statements for publication. 
According 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 2023 
The new standards and interpretations applied in the financial 
years 2023 did not have a significant impact on the consoli-
dated financial result, financial position, or the presentation of 
the financial statements of the Group. In 2023, Kojamo imple-
mented a change in the IAS 12 standard related to deferred 
tax arising from a single transaction, which is detailed in note 
5.2. Other standards and model rules that came into effect in 
2023, such as IFRS 17 Insurance Contracts and Council Di-
rective (EU) 2022/2523, ensuring a global minimum level of 
taxation for multinational enterprise groups and large-scale do-
mestic groups in the Union, do not apply to Kojamo.
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 
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.

 
Board of Directors’ Report and Financial Statements 
2023 
41 
Hallituksen toimintakertomus ja tilinpäätös 
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 
judgment 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 judgment-
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 expenses and the 
presented notes. 
Management’s judgment-based decisions affect the choice of 
accounting policies and their application. This particularly ap-
plies to cases for which the current IFRSs include alternative 
recognition, measurement or presentation methods. 
Kojamo’s management must make judgment-based decisions 
when applying the following accounting policies: 
Classification of properties: see note 3.1, Fair value of invest-
ment properties by valuation method 
Deferred taxes: recognition principle (investment properties), 
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 ex-
pectations concerning future events. These are considered to 
represent the management’s best understanding at the time of 
evaluation and believed to be reasonable considering the cir-
cumstances. The actual results may differ from the estimates 
and assumptions used in the financial statements. Estimates 
and related assumptions are regularly evaluated. Changes in 
accounting estimates are recorded for the period for which the 
estimate is being checked, if the change in the estimate con-
cerns only that period. If the change in the estimate concerns 
both the period in question and later periods, the change in the 
estimate 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 re-
porting 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 measurement of the fair 
value of investment properties (see note 3.1, Accounting poli-
cies ).
2. Result 
Accounting policies 
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 mainte-
nance 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 comprehensive income 
statement. 
Operating profit
IAS 1 Presentation of Financial Statements does not define the 
concept of operating profit. At Kojamo, operating profit is de-
fined as the net amount after adding other operating income to 
net rental income, then deducting administrative expenses and 
other operating expenses, amortisation, depreciation and im-
pairment, and then adding/deducting gains/losses from the dis-
posal of investment properties, from assessment at fair value, 
and from the disposal of trading properties. All the other com-
prehensive income statement items except those mentioned 
above are presented below operating profit.

 
Board of Directors’ Report and Financial Statements 
2023 
42 
Hallituksen toimintakertomus ja tilinpäätös 
2.1 Specification of revenue
 
M€ 
1–12/2023 
1–12/2022 
Revenue from contracts with customers 
441.7 
412.5 
Other income from revenue 
0.5 
0.8 
Total revenue 
442.2 
413.3
 
Specification of revenue from contracts with customers 
M€ 
1–12/2023 
1–12/2022 
Rental income 
425.7 
398.5 
Water fees 
15.0 
13.2 
Sauna fees 
0.8 
0.6 
Other income from service sales 
0.2 
0.2 
Total 
441.7 
412.5
Revenue consists primarily of rental income based on tenancy 
agreements. In the Group’s business, the scope of IFRS 15 
Revenue from Contracts with Customers -standard includes 
maintenance and service revenue, which include use-based 
charges collected from tenants.

 
Board of Directors’ Report and Financial Statements 
2023 
43 
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€ 
1–12/2023 
1–12/2022 
Profit on sales of investment properties 
0.4 
0.2 
Losses on sales of investment properties 
-0.2 
- 
Total 
0.2 
0.2
Kojamo sold 73 (0) rental apartments.
 
Other operating income 
M€ 
1–12/2023 
1–12/2022 
Income from construction contracting 
0.0 
0.1 
Income from the sales of fixed assets 
0.2 
- 
Income from debt collection 
3.2 
2.8 
Other 
0.5 
0.9 
Total 
4.0 
3.8
 
Other operating expenses 
M€ 
1–12/2023 
1–12/2022 
Cost on construction contracting 
-0.3 
-0.3 
Total 
-0.3 
-0.3
 
Auditor’s fees 
M€ 
1–12/2023 
1–12/2022 
KPMG Oy Ab 
 
Audit 
-0.4 
-0.3 
Tax consultancy 
0.0 
-0.1 
Advisory services 
-0.1 
-0.2 
Total 
-0.5 
-0.5
Accounting policies 
Other operating income includes income not related to the ac-
tual business. It includes items such as sales profit from intan-
gible assets and property, plant and equipment, as well as in-
come from debt collection activities. Other operating expenses 
consist of expenses not related to the actual business. These 
items include costs related among other things to construction 
contracting. 
An existing property owned by Kojamo is considered as sold 
once the substantial risks and rewards associated with owner-
ship have been transferred from Kojamo to the buyer. This 
usually takes place when control over shares is transferred. In-
come from property sales is presented in the comprehensive 
income statement under Profit/loss on sales of investment 
properties.
2.3 Administrative expenses
 
M€ 
1–12/2023 
1–12/2022 
Personnel costs 
-22.8 
-21.5 
Administrative rents and maintenance charges 
-2.5 
-2.1 
Other administrative expenses 
-20.4 
-19.5 
Total 
-45.6 
-43.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
44 
Hallituksen toimintakertomus ja tilinpäätös 
2.4 Employee benefits expenses
 
 
 
 
 
 
 
 
 
 
 
 
M€ 
1–12/2023 
1–12/2022 
Salaries and wages 
-18.6 
-17.0 
Share-based incentive plan 
-0.3 
-0.8 
Funded pension plans 
-0.2 
-0.2 
Defined contribution pension plans 
-3.1 
-2.9 
Other social security costs 
-0.6 
-0.6 
Total 
-22.8 
-21.5
 
 
31 Dec 2023 
31 Dec 2022 
Number of personnel, average for the financial 
year 
315 
316
Information on the remuneration of key management person-
nel is provided in note 7.2 Related party transactions. 
Accounting policies 
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 bonuses 
are included in short-term employee benefits and are recog-
nised in the period in which the work is performed. Kojamo’s 
employees are included in an annual performance bonus sys-
tem which is based on the achievement of the company’s gen-
eral 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 re-
lated 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 sepa-
rate 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. Pay-
ments made into defined contribution schemes are recognised 
through profit and loss in the periods that they concern. 
Termination benefits (benefits provided in ex-
change for the termination of employment)
Termination benefits are not based on work performance but 
the termination of employment. These benefits consist of sev-
erance payments. Termination benefits result either from 
Kojamo’s decision to terminate the employment or the em-
ployee’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 per-
sonnel, entitling them to benefits after a specific number of 
years of service. The discounted present value of the obliga-
tion resulting from the arrangement is recognised as a liability 
in the balance sheet on the last day of the reporting period. 
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 infor-
mation on the arrangements is provided in note 7.2 Related 
party transactions.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
45 
Hallituksen toimintakertomus ja tilinpäätös 
2.5 Depreciation, amortisation and impairment
 
 
 
 
 
 
 
 
 
 
Amortisation and depreciation by asset group 
M€ 
1–12/2023 
1–12/2022 
Intangible assets 
-0.2 
-0.2 
Property, plant and equipment 
-0.6 
-0.6 
Right-of-use assets 
-0.5 
-0.4 
Total 
-1.3 
-1.2
No impairment was recognised on intangible assets, property, 
plant and equipment and right-of-use assets in the financial 
years 2022 and 2023.
2.6 Research and development expenditure 
Research and development expenditure recognised as ex-
penses totalled EUR 2.8 (1.2) million in 2023. 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 
0.5 (0.6) million. 
Accounting policies 
Development expenses
Kojamo capitalises development expenses as intangible as-
sets when it can be shown that a development project will gen-
erate a probable future economic benefit and the costs attribut-
able to the development stage can be reliably measured. 
Other development costs are recognised as expenses when 
they are incurred.
2.7 Earnings per share
 
 
 
 
 
 
 
 
 
1–12/2023 
1–12/2022 
Profit/loss for the period attributable to shareholders 
of the parent company, M€ 
-89.0 
-399.8 
Weighted average number of shares during the period 
(million) 
247.1 
247.1 
Earnings per share 
Basic, € 
-0.36 
-1.62 
Diluted, € 
-0.36 
-1.62
The company has no diluting instruments. 
Accounting policies 
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 outstand-
ing during the financial year.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
46 
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. 
3.1 Investment properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of investment properties 
M€ 
31 Dec 2023 
31 Dec 2022 
Fair value of investment properties on 1 Jan 
8,150.2 
8,327.5 
Acquisition of investment properties 
165.1 
478.9 
Modernisation investments 
26.7 
22.5 
Disposals of investment properties 
-12.0 
-1.3 
Capitalised borrowing costs 
4.2 
4.6 
Transfer from property, plant and equipment 
- 
0.0 
Profit/loss on fair value of investment properties 
-295.4 
-682.0 
Fair value of investment properties at the end 
of the period 
8,038.8 
8,150.2
 
 
 
 
 
 
 
 
 
 
 
 
Profit/loss on fair value of investment properties 
M€ 
1–12/2023 
1–12/2022 
Changes in yield requirement 
-815.5 
-670.9 
Change in net rentall income 
305.9 
-119.7 
Changes in inflation, rents and expense growth assumptions 
181.7 
2.1 
Other 
32.5 
106.6 
Profit/loss on fair value of investment properties 
-295.4 
-682.0
During the year, the number of transactions observed from the 
market is limited and the comparability of the transactions is 
weak. In addition, the transaction prices partly indicate that the 
sales have been highly motivated. The price indications of buy-
ers appearing in the market are very opportunistic and there-
fore do not represent genuine price formation. 
When deciding on the yield requirements used in the valuation 
in an environment where transaction data is limited, the com-
pany's management has taken into account the views of an 
external expert, the deals completed in the market, discus-
sions with various market participants, interest rates and inter-
est rate views, as well as the company's own information about 
the market and its real estate portfolio. The yield requirements 
have also been evaluated in relation to other valuation param-
eters and the 10-year calculation period. Most relevant other 
valuation parameters are inflation assumption, rent increase 
assumption and expense increase assumption, which the com-
pany's management has estimated based on the current mar-
ket views.
 
 
 
 
 
 
 
 
 
 
Right-of-use assets included in the fair values of investment properties (plots of land) 
M€ 
31 Dec 2023 
31 Dec 2022 
Fair value on 1 Jan 
73.8 
70.6 
Increases/decreases 
5.2 
4.3 
Profit/loss on fair value of investment properties 
-1.3 
-1.1 
Fair value of investment properties at the end 
of the period 
77.8 
73.8
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 4.2 (4.6) million. The 
interest rate applied to capitalised borrowing costs was 2.5 
(1.8) per cent. 
Kojamo acquired a total of 0 (985) rental apartments.

 
Board of Directors’ Report and Financial Statements 
2023 
47 
Hallituksen toimintakertomus ja tilinpäätös 
 
Fair value of investment properties by valuation method 
M€ 
31 Dec 2023 
31 Dec 2022 
Yield value 
7,656.3 
7,535.3 
Acquisition cost 
304.7 
541.0 
Right-of-use assets (plots of land) 
77.8 
73.8 
Total 
8,038.8 
8,150.2
 
Number of apartments 
31 Dec 2023 
31 Dec 2022 
Yield value 
39,390 
37,551 
Acquisition cost * 
1,229 
1,680 
Total 
40,619 
39,231 
* Includes 4 apartments as part of development 
projects
Kojamo has used the following average parameters when ap-
plying the yield-based valuation method:
 
Average valuation parametres 
31 Dec 2023 
Capital 
Other regions 
Group 
region 
of Finland 
total 
Unobservable inputs: 
Yield requirement cash flow, weighted, % * 
4.11 
5.00 
4.40 
Exit capitalisation rate, weighted, % * 
4.26 
5.15 
4.55 
Cash flow discount rate, weighted, % * 
6.11 
7.00 
6.40 
Inflation assumption, % 
2.0 
2.0 
2.0 
Market rents, weighted by square metres, €/m²/month 
20.55 
16.13 
18.54 
Property maintenance expenses, repairs and 
modernisation investments €/m²/month 
6.67 
6.41 
6.56 
10-year average financial occupancy rate, % 
97.5 
96.6 
97.2 
Rent increase assumption, % 
2.7 
2.4 
2.6 
Expense increase assumption, % 
2.5 
2.5 
2.5 
* Yield requirement for net rental income 
31 Dec 2022 
Capital 
Other regions 
Group 
region 
of Finland 
total 
Unobservable inputs: 
Yield requirement cash flow, weighted, % * 
3.56 
4.92 
3.97 
Exit capitalisation rate, weighted, % * 
3.71 
5.07 
4.12 
Cash flow discount rate, weighted, % * 
5.36 
6.72 
5.77 
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 
* Yield requirement for net rental income
Climate-related matters have not had a significant impact on 
the fair value measurement of investment properties so far.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
48 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sensitivity analysis for measuring the fair value of investment properties 
Properties measured at yield value 
31 Dec 2023 
Change % (relative) 
-10% 
-5% 
0% 
5% 
10% 
Change, M€ 
Yield requirement 
860.3 
407.3 
-368.2 
-702.7 
Market rents 
-944.8 
-472.4 
472.4 
944.8 
Maintenance costs 
310.0 
155.0 
-155.0 
-310.0 
Change % (absolute) 
-2% 
-1% 
0% 
1% 
2% 
Change, M€ 
Financial occupancy rate 
-194.4 
-97.2 
97.2 
194.4 
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
Kojamo has acquisition agreements related to new develop-
ment and renovations, presented in note 3.4. 
Accounting policies 
Fair value measurement of investment property
Kojamo’s fair value of investment properties is based on IFRS 
13 Fair Value Measurement -standard and IAS 40 Investment 
Property -standard. The valuation is carried out on quarterly 
basis and are reviewed by external independent valuation ex-
pert. The results of the assessment are reported to the Man-
agement Group, Audit Committee and Board of Directors. The 
measurement process, market conditions and other factors af-
fecting the assessment of the fair value of properties are re-
viewed quarterly with the CEO and CFO in accordance with 
Kojamo’s reporting schedule. Each quarter, an external inde-
pendent expert issues a statement on the valuation methods 
applied in the valuation of rental apartments and business 
premises owned by Kojamo as well as on the quality and relia-
bility of the valuation. A statement on the situation as at 31 De-
cember 2023 is available on Kojamo’s website. 
According to IFRS 13 Fair value Measurement -standard is the 
price that would be received to sell an asset or paid to transfer 
liability in an orderly transaction between market participants at 
the measurement date. However, determining the fair values 
of investment properties requires significant management esti-
mates and assumptions especially when the level of transac-
tion activity is significantly decreased. Estimates and assump-
tions are especially related to the yield requirements, occu-
pancy rate and market rent levels. Kojamo strives to use as 
much relevant observable input data as possible and as little 
non-observable input data as possible. 
The yield requirements are analysed quarterly in connection 
with the valuation. The yield requirements and other input data 
used are based on market observations and the best infor-
mation available under current conditions. The information in-
cludes the opinion of an external independent expert as well 
as Kojamo's own information. 
Fair value is the price that would be received from the sale of 
an asset or paid for the transfer of a liability between market 
parties in a normal transaction on the valuation date. 
Kojamo uses valuation techniques that are appropriate under 
those circumstances, and for which sufficient data is available 
to measure fair value.
 

Board of Directors’ Report and Financial Statements 
2023 
49 
Hallituksen toimintakertomus ja tilinpäätös 
Investment properties
Investment property refers to an asset (land, building or part of 
a building) that Kojamo retains to earn rental income or capital 
appreciation, or both. An investment property can be owned di-
rectly or through an entity. Properties used for administrative 
purposes are owner-occupied property and included in the bal-
ance sheet line item “Property, plant and equipment”. An in-
vestment property generates cash flows largely independently 
of the other assets held by an entity. This distinguishes invest-
ment property from owner-occupied property. 
Kojamo’s investment property portfolio consists of the com-
pleted properties, properties under construction and renova-
tion, 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 reclassified from “Investment proper-
ties” under “Trading properties” 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 perma-
nently withdrawn from use and no future economic benefits are 
expected from its disposal. Capital gains and losses on dispos-
als are presented netted as a separate line item in the compre-
hensive income statement. 
Restrictions on investment properties
Some of the investment properties are subject to legislative di-
vestment and usage restrictions. The so-called non-profit re-
strictions apply to the owning company, and the so-called 
property-specific restrictions apply to the investment owned. 
The non-profit restrictions include, among other things, perma-
nent restrictions on the company’s operations, distribution of 
profit, lending and provision of collateral, and the divestment of 
investments. The property-specific restrictions include fixed-
term restrictions on the use of apartments, the selection of res-
idents, the determination of rent and the divestment of apart-
ments. 
Measurement of investment property
Investment property is measured initially at acquisition cost, in-
cluding related transaction costs, such as transfer taxes and 
professional fees, as well as capitalised expenditure arising 
from eligible modernisation. The acquisition cost also includes 
related borrowing costs, such as interest costs and arrange-
ment fees, directly attributable to the acquisition or construc-
tion of an investment property. 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 substan-
tial period of time to get ready for its intended use or sale. The 
capitalisation commences when the construction of a new 
building 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 attributable 
costs accrued on the funds borrowed for a construction project 
or costs attributable to a construction project. 
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 observed. 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 received from selling an asset, or 
paid for transferring a liability, in an ordinary transaction be-
tween market participants on the measurement date. The valu-
ation techniques used by Kojamo are described below. 
Fair value hierarchy
Inputs used in determining fair values (used in the valuation 
techniques) are classified on three levels in the fair value hier-
archy. The fair value hierarchy is based on the source of in-
puts. 
Level 1 inputs 
Quoted prices (unadjusted) in active markets for identical in-
vestment property. 
Level 2 inputs 
Inputs other than quoted prices included within Level 1 that are 
observable for the investment property, either directly or indi-
rectly. 
Level 3 inputs 
Unobservable inputs for investment property. 
An investment property measured at fair value is categorised 
in its entirety in the same level of the fair value hierarchy as 
the lowest level input that is significant to the entire measure-
ment. 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.
 

 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
50 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
Valuation techniques 
The fair values of investment properties measured by Kojamo 
are based on transaction value or balance sheet value (acqui-
sition 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 basis 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 resi-
dential and commercial properties whose disposal price is re-
stricted under the legislation governing state-subsidised rental 
properties, meaning that their disposal price cannot be deter-
mined freely. In addition, the setting of rents for such proper-
ties is, as a rule, based on the cost principle, which means that 
the rent levels cannot be determined 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 inter-
est subsidy. 
The fair value of property development projects, the plot re-
serve and shares and holdings related to investment proper-
ties is their original acquisition cost.
Business combinations and asset acquisition
Acquisitions of investment properties by Kojamo are ac-
counted for as an acquisition of asset or a group of assets, 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 combination. 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 people carrying out 
these operations, such as marketing of properties, manage-
ment of tenancies and property repairs and renovation. 
The consideration transferred in the business combination and 
the detailed assets and accepted liabilities of the acquired en-
tity are measured at fair value on the acquisition date. Goodwill 
is recognised at the amount of consideration transferred, inter-
est of non-controlling shareholders in the acquiree and previ-
ously 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 impairment at least annually. 
Acquisitions that do not meet the definition of business in ac-
cordance with IFRS 3 are accounted for as asset acquisitions. 
In this event, goodwill or deferred taxes, etc., are not recog-
nised.

 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
51 
Hallituksen toimintakertomus ja tilinpäätös 
3.2 Non-current assets held for sale 
Kojamo had no non-current assets held for sale in 2023 and 
2022. 
Accounting policies 
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 “Investment 
property held for sale”. On that date, the carrying 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 commit-
ted to an active plan to sell the property, Kojamo must have in-
itiated a project to find a buyer and complete the plan, the 
property must be actively marketed at a price that is reasona-
ble 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).
3.3 Trading properties 
The value of Kojamo’s trading property shares amounted to 
EUR 0.0 (0.1) million at the end of the financial year. 
Trading properties are reclassified to financial assets EUR 0.1 
million during the financial year 2023. A write-down of EUR 0.0 
million has made on the trading properties during the financial 
year 2022. 
Accounting policies 
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 “In-
vestment properties” under “Trading properties” in the event of 
a change in the use of the property. This is evidenced by the 
commencement of development with a view to sale. If an in-
vestment property is being developed with a view to a sale, it 
will be accounted for as a trading property. 
Trading properties are measured at the lower of the acquisition 
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 recog-
nised 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 facilities 
that are meant for sale but have not been sold by the balance 
sheet date.
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 2023 
31 Dec 2022 
New development under construction 
10.0 
145.1 
Preliminary agreements for new construction 
24.7 
48.7 
Renovation 
8.8 
27.6 
Total 
43.6 
221.4
Other liabilities
 
 
 
 
Value added tax refund liabilities 
M€ 
31 Dec 2023 
31 Dec 2022 
Value added tax refund liabilities 
5.5 
4.6
 
 
 
 
 
 
Land purchase liabilities 
M€ 
31 Dec 2023 
31 Dec 2022 
Transaction prices based on target building rights and draft 
plans 
13.5 
13.5 
Liabilities for municipal infrastructure 
3.7 
3.7

Board of Directors’ Report and Financial Statements 
2023 
52 
Hallituksen toimintakertomus ja tilinpäätös 
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. 
One of the plot located in Vantaa include an obligation related 
to the form of ownership and financing sanctioned with con-
tractual 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, Albertinkatu 40–
42, Abrahaminkatu 1–3, Kalevankatu 41, Eerikinkatu 32–38 
and Bulevardi 31 from the City of Helsinki 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 further commercial provision. 
The additional purchase prices are determined on the basis of 
the actual uses and additional floor area when the building per-
mit for each site has been approved. The city plan has entered 
into force in the properties at Abrahaminkatu 1–3, Bulevardi 
31, Onnentie 18, Tukholmankatu 10, Kalevalankatu 41, Alber-
tinkatu 40–42 and Agricolankatu 1. The building permit has en-
tered into force at Bulevardi 31 and the conversion project into 
apartments has been completed during 2023. Koy Eerikinkatu 
32–36 has been sold in 2023.
Accounting policies 
A contingent liability is a potential obligation resulting of past 
events and may be incurred depending on the outcome of an 
uncertain future event that is beyond the Group’s control (such 
as the result of pending legal proceedings). In addition, an ex-
isting obligation that will probably not require meeting the liabil-
ity to pay or the amount of which cannot be reliably determined 
is considered as a contingent liability. Contingent liabilities are 
presented in the notes.

 
 
Board of Directors’ Report and Financial Statements 
2023 
53 
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 
(million)
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 2023 
247.1 
58.0 
35.8 
43.0 
164.4 
3,541.4 
3,842.7 
3,842.7 
Transactions with shareholders 
-96.0 
-96.0 
-96.0 
Profit for the financial period 
-89.0 
-89.0 
-89.0 
Other comprehensive income 
-31.8 
-31.8 
-31.8 
31 Dec 2023 
247.1 
58.0 
35.8 
11.2 
164.4 
3,356.4 
3,625.9 
3,625.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
M€ 
Number of shares 
(million)
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 
Profit for the financial period 
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

Board of Directors’ Report and Financial Statements 
2023 
54 
Hallituksen toimintakertomus ja tilinpäätös 
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 2023 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 
0.39
 
per share was paid in EUR 2023. After the balance 
sheet date, 31 December 2023, the Board of Directors has 
proposed that no dividend for 2023 be paid.
Restrictions related to Kojamo’s equity 
Kojamo’s retained earnings for 2023, 
EUR 3,356.4 (3,541.4) 
million, include a total of EUR 134.4 (133.7) 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. 
Current authorisations 
Kojamo’s Annual General Meeting on 16 March 2023 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 2024. 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 2024. The Board has not used the 
authorisation. 
Furthermore, the Annual General Meeting decided that an ad-
dition is made to the Articles of Association to allow the Board 
of Directors, at their discretion, to arrange a General Meeting 
as a virtual meeting without a meeting venue, as proposed by 
the Board of Directors. The change has been made to the Arti-
cles of Association in 2023. 
Accounting policies 
An equity instrument is any contract that demonstrates a resid-
ual interest in Kojamo’s assets after deducting all of its liabili-
ties. The share capital consists of the parent company’s ordi-
nary shares classified as equity. Transaction 
costs directly at-
tributable 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 de-
ducted from equity attributable to the owners of the parent 
company, until the shares are cancelled or reissued. Where 
such shares are subsequently sold or reissued, any considera-
tion 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 shareholders is 
recognised as a liability in the consolidated balance sheet in 
the period in which the dividends are approved by the com-
pany’s General Meeting of Shareholders.
Some of the Group companies are subject to revenue recogni-
tion restrictions under the non-profit provisions of housing leg-
islation, according to which an entity cannot pay its owner 
more than the profit regulated by housing legislation. The com-
panies 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).
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
55 
Hallituksen toimintakertomus ja tilinpäätös 
4.2 Financial income and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Items recognised through profit or loss 
M€ 
1–12/2023 
1–12/2022 
Interest income 
3.2 
1.6 
Valuation changes on financial assets recognised at fair value through profit or 
loss 
1.1 
7.6 
Gains on the disposal of financial assets recognised 
at fair value through profit or loss 
0.2 
0.1 
Other financial income * 
9.0 
0.2 
Financial income, total 
13.5 
9.6 
Interest expenses 
Interest expenses on financial liabilities measured at 
amortised cost 
-92.7 
-49.5 
Interest expenses on interest rate derivatives 
15.6 
-9.9 
Interest expenses on lease agreements 
-2.9 
-2.7 
Valuation changes on financial assets recognised at fair value through profit or loss 
-0.9 
-2.3 
Losses on the disposal of financial assets recognised 
at fair value through profit or loss 
-0.1 
0.0 
Other financial expenses 
-3.8 
-2.6 
Financial expenses, total 
-84.8 
-67.0 
Financial income and expenses, total 
-71.3 
-57.4 
Other comprehensive income 
M€ 
1–12/2023 
1–12/2022 
Cash flow hedges 
-39.8 
92.4 
Total 
-39.8 
92.4 
* Includes 8.7 M€ the profit from the repurchase of 
bonds
The changes to cash flow hedging come from interest rate de-
rivatives. 
Accounting policies 
Interest income 
Interest income is recognised over time using the effective in-
terest method
Dividend income
Dividend income is recognised when the right to receive pay-
ment has arisen. 
Borrowing costs
Borrowing costs are usually recognised as financial costs in 
the financial year during which they are incurred. However, 
borrowing costs attributable to qualifying assets, that is, mainly 
borrowing costs attributable to Kojamo’s investment 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 un-
der the accounting policies concerning investment properties 
in section 3.1 Investment properties. 
Transaction costs directly attributable to the acquisition of 
loans that can be allocated to a particular loan are included in 
the loan’s original amortised cost and allocated as financial ex-
penses using the effective interest method.
 

 
Board of Directors’ Report and Financial Statements 
2023 
56 
Hallituksen toimintakertomus ja tilinpäätös 
4.3 Financial assets and liabilities by valuation category
 
31 Dec 2023 
Carrying 
Fair value 
M€ 
value total 
LEVEL 1 
LEVEL 2 
LEVEL 3 
total 
Financial assets 
Measured at fair value 
Interest rate derivatives 
30.4 
30.4 
30.4 
Financial assets recognised at fair value 
through profit or loss 
4.1 
3.3 
0.8 
4.1 
Measured at amortised cost 
Cash and cash equivalents 
15.0 
15.0 
15.0 
Trade receivables 
7.5 
7.5 
Financial liabilities 
Measured at fair value 
Interest rate derivatives 
17.3 
17.3 
17.3 
Measured at amortised cost 
Other interest-bearing liabilities 
1,607.3 
1,604.7 
1,604.7 
Bonds 
1,993.2 
1,831.5 
1,831.5 
Trade payables 
1.8 
1.8 
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

 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
57 
Hallituksen toimintakertomus ja tilinpäätös 
Accounting policies 
Financial assets and liabilities measured at fair value are clas-
sified into three fair value hierarchy levels in accordance with 
the reliability of the valuation technique: 
Level 1: 
The fair value is based on quoted prices for identical instru-
ments in active markets. 
Level 2: 
A quoted market price exists in active markets for the instru-
ment, but the price may be derived from directly or indirectly 
quoted market data. Fair values are measured using 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 can-
not be reliably derived and input data used for the determina-
tion of fair value is not based on observable market data.
There were no transfers between the hierarchy levels in 2023. 
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 2023 
31 Dec 2022 
Beginning of period 
0.7 
0.7 
Change 
0.1 
0.0 
End of period 
0.8 
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.
Accounting policies 
Recognition and measurement 
The classification of financial assets is based on the nature of 
cash flows and the business models specified for the assets in 
question. Kojamo applies the following principles to the classi-
fication of financial assets and liabilities and their recognition, 
derecognition and measurement. Financial assets and liabili-
ties are presented as non-current items if the remaining ma-
turity 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. 
Financial assets and liabilities measured at amor-
tised cost
Financial assets measured at amortised cost are non-deriva-
tive financial assets with fixed or determinable payments. 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 ser-
vices 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 equiva-
lents. 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 issued 
bonds, other interest-bearing liabilities and trade payables. 
They are recognised initially at fair value. Transaction costs di-
rectly attributable to the acquisition of loans, such as arrange-
ment fees that can be allocated to a particular loan, are de-
ducted from the original amortised cost of the loan. Other fi-
nancial liabilities are subsequently measured at amortised cost 
using the effective interest method. The difference between 
the proceeds and the redemption value is recognised as a fi-
nancial expense through profit or loss over the loan period.
Financial assets and liabilities recognised at fair 
value through profit or 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 investment instruments 
that are not deposits. 
Financial assets and liabilities recognised at fair value through 
profit or loss include interest rate derivatives that are not sub-
ject to hedge accounting 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.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
58 
Hallituksen toimintakertomus ja tilinpäätös 
Impairment of financial assets
The assessment of credit losses 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 state-
ment. If the value is later restored, the reversal of the impair-
ment is recognised in equity for equity instruments and through 
profit or loss for other investments. The impairment model is 
based on credit losses estimated on the basis of experience. 
If there is no active market for the financial instrument, judg-
ment is required to determine fair value and impairment. Exter-
nal mark to market valuations may be used for some interest 
rate derivatives. Recognition of impairment is considered if the 
impairment is significant or long-lasting. If the amount of im-
pairment loss decreases during a subsequent financial year 
and the decrease can be considered to be related to an event 
occurring after the recognition of impairment, the impairment 
loss will be reversed.
4.4 Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
M€ 
31 Dec 2023 
31 Dec 2022 
Non-current liabilities 
Bonds 
1,558.7 
2,139.2 
Loans from financial institutions 
1,353.3 
1,092.7 
Interest subsidy loans 
18.8 
26.2 
Lease liability 
76.4 
72.4 
Non-current liabilities total 
3,007.2 
3,330.5 
Current liabilities 
Bonds 
434.5 
199.8 
Loans from financial institutions 
110.6 
108.4 
Interest subsidy loans 
0.2 
0.3 
Commercial papers 
39.7 
30.9 
Other loans 
6.0 
6.2 
Lease liability 
2.2 
2.1 
Current liabilities total 
593.2 
347.7 
Total interest-bearing liabilities 
3,600.4 
3,678.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
59 
Hallituksen toimintakertomus ja tilinpäätös 
Two green bonds have been issued within Kojamo’s Green Fi-
nance Framework, the proceeds of which have been used to 
build energy-efficient buildings. 
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, 
and the bond carries a fixed annual coupon of 0.875%. 
The EUR 300 million green bond issued in March 2022 has a 
maturity of 4 years. The maturity date is 31 March 2026, and 
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 it carries a fixed annual coupon rate of 1.875%. 
In addition, Kojamo has an unsecured bond issued in 2018, of 
which the remaining nominal amount is EUR 415.5 million. It 
matures on 7 March 2025 and carries a fixed annual coupon of 
1.625%. In 2017, Kojamo plc issued an unsecured bond, of 
which the remaining nominal amount is EUR 434.5 million. The 
bond matures on 19 June 2024, and its fixed annual coupon 
rate is 1.50%. All five bonds are listed on the official list of the 
Irish Stock Exchange.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities related to financing 
Other than 
cash 
M€ 
1 Jan 2023 
Cash flow 
changes 
31 Dec 2023 
Non-current interest-bearing liabilities 
3,258.0 
500.0 
-827.2 
2,930.8 
Non-current lease liabilities 
72.4 
4.0 
76.4 
Current interest-bearing liabilities 
345.6 
-566.0 
811.4 
591.0 
Current lease liabilities 
2.1 
-1.8 
1.8 
2.2 
Total interest-bearing liabilities 
3,678.2 
-67.7 
-10.0 
3,600.4 
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
The changes arising from cash flows consist of the withdrawal 
of EUR 500.0 (450.0) million and repayment of EUR -574.5 (-
91.6) million of non-current loans, the withdrawal EUR 135.8 
(205.8) million and repayment EUR -127.2 (-225.2) 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.
 

 
Board of Directors’ Report and Financial Statements 
2023 
60 
Hallituksen toimintakertomus ja tilinpäätös 
4.5 Derivative instruments
 
Fair values of derivative instruments 
31 Dec 2023 
31 Dec 2022 
M€ 
Positive 
Negative 
Net 
Net 
Interest rate derivatives 
Interest rate swaps, cash flow hedging 
30.1 
-16.2 
13.8 
52.4 
Interest rate swaps, not in hedge accounting 
0.4 
-1.1 
-0.7 
0.2 
Total 
30.4 
-17.3 
13.1 
52.5
 
Nominal values of derivative instruments 
M€ 
31 Dec 2023 
31 Dec 2022 
Interest rate derivatives 
Interest rate swaps, cash flow hedging 
1,141.0 
746.9 
Interest rate swaps, not in hedge accounting 
40.0 
40.6 
Total 
1,180.9 
787.5
 
Items under hedge accounting 
M€ 
31 Dec 2023 
31 Dec 2022 
Cash flow hedging 
Nominal value 
Hedged loans 
1,160.6 
814.4 
Interest rate derivatives 
1,141.0 
746.9 
Fair value of derivatives 
Positive 
30.1 
53.3 
Negative 
-16.2 
-0.9 
Net 
13.8 
52.4 
Effective portion 
Recognised in other comprehensive income 
-39.8 
92.4 
Ineffective portion 
Recognised in the income statement 
- 
-
During the financial year, EUR -39.8 (92.4) million was recog-
nised in the fair value reserve from interest rate derivatives 
classified as cash flow hedges. A total of EUR 1.2 (1.2) million 
was transferred from cash flow hedging to be recognised 
through profit or loss.
The interest rate derivatives mature between 2024 and 2035. 
At the balance sheet date, the average maturity of interest rate 
swaps was 3.7 (4.0) years.

 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
61 
Hallituksen toimintakertomus ja tilinpäätös 
Accounting policies 
Kojamo uses derivative instruments only for hedging purposes. 
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 accordance. Deriva-
tive 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 in-
cluded in financial assets or liabilities measured at fair value 
through profit or loss. These instruments are classified as held 
for trading. Fluctuations in Kojamo’s result caused by changing 
electricity prices has been managed since 2022 by using elec-
tricity purchase agreements. 
The unrealised gains and losses from the measurement of de-
rivatives are presented on the balance sheet under current and 
non-current assets or under liabilities in the item Derivative in-
struments. The hedged items are presented on the balance 
sheet under Loans as non-current or current liabilities. 
Changes in the fair values of derivatives included in hedge ac-
counting are recognised in components of other comprehen-
sive 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 derivatives are recognised 
in interest expenses to profit or loss. The ineffective portion of 
a hedge is immediately recognised in financial items in the 
comprehensive income statement. The gains and losses accu-
mulated in equity are recognised in the income statement at 
the same time with the hedged item. 
Changes in value from derivatives not included in hedge ac-
counting 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 93 (84) 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 floating rate loans and interest 
rate derivatives not included in hedge accounting. The effect 
on equity results from changes in the fair values of interest rate 
derivatives included in hedge accounting.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate sensitivity 
31 Dec 2023 
31 Dec 2022 
Income 
Comprehensive 
Income 
Comprehensive 
statement 
income 
statement 
income 
M€ 
1% 
-0.1% 
1% 
-0.1% 
1% 
-0.1% 
1% 
-0.1% 
Floating rate loans 
-14.4 
1.4 
0.0 
0.0 
-9.9 
0.9 
0.0 
0.0 
Interest rate derivatives 
11.1 
-1.1 
33.6 
-3.5 
7.5 
-0.8 
22.4 
-2.3 
Total effect 
-3.4 
0.3 
33.6 
-3.5 
-2.3 
0.1 
22.4 
-2.3 
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 15.0 million and financial assets at EUR 
3.3 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 275 million and a EUR 5 mil-
lion non-committed credit facility agreement. A total of EUR 
39.7 million of the commercial paper programme had been is-
sued at the end of the financial year. All credit facilities were 
unused at the balance sheet date. In addition, the EUR 425 
million syndicated loan signed in October was unwithdrawn at 
the end of the financial year. 
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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
62 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expiration of the Group's committed credit facilities 
31 Dec 2023 
31 Dec 2022 
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 
- 
- 
275.0 
275.0 
25.0 
- 
275.0 
300.0
In the past few years, the functioning of the financial market 
has been affected by stricter bank regulation. In 2023, the un-
certainty in the financial market and the strong rise in interest 
rates were reflected on bank lending and the cost of financing. 
Due to Kojamo’s strong financial position and stable cash flow, 
the availability of financing remained good. Kojamo has a 
credit rating of Baa2 with a negative 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 
Group’s aim is to ensure access to different financing sources. 
The refinancing risk is reduced by diversifying the loan portfo-
lio 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. The cash flows of interest rate derivatives have remained 
positive in current interest rate levels.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturity profile of financial liabilities 
31 Dec 2023 
Within 1 
2–5 
6–10 
11–15 
 
M€ 
year 
years 
years 
years 
Later 
Bonds 
466.2 
1,274.6 
353.1 
- 
- 
Loans from financial institutions 
185.1 
1,398.6 
94.5 
53.3 
1.1 
Interest subsidy loans 
0.9 
3.4 
4.4 
5.0 
15.5 
Commercial papers 
40.0 
- 
- 
- 
- 
Other loans 
- 
6.0 
- 
- 
- 
Interest rate derivatives 
23.7 
51.5 
10.6 
1.9 
- 
Lease liabilities 
4.7 
17.8 
21.8 
20.8 
92.6 
Trade payables 
1.8 
- 
- 
- 
- 
Total 
722.4 
2,751.8 
484.4 
81.0 
109.1 
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 
- 
- 
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 
- 
- 
- 
- 
Other loans 
- 
6.2 
- 
- 
- 
Interest rate derivatives 
-2.1 
-4.2 
-1.2 
-0.3 
- 
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
Price risk 
Unexpected changes in electricity pricing may expose com-
pany to price risk. Kojamo has hedged it’s electricity price risk 
by using electricity purchase agreements. 
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 
interest 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 0.0 (-0.0) 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) million. The figures do not take the tax effect 
into account.

 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
63 
Hallituksen toimintakertomus ja tilinpäätös 
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 2023 
31 Dec 2022 
M€ 
% 
M€ 
% 
Less than a month 
4.7 
63.9 
4.1 
63.9 
1–3 months 
2.2 
23.5 
1.5 
23.5 
3–6 months 
0.5 
7.3 
0.5 
7.3 
6–12 months 
0.1 
2.3 
0.1 
2.3 
More than a year 
0.1 
3.0 
0.2 
3.0 
Total 
7.5 
100.0 
6.4 
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.
Accounting policies 
Financial assets include rent receivables and trade receivables 
as well as interest receivables that are not held for sale and 
that have been obtained by handing over cash, goods or ser-
vices 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 ex-
pected 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 2023 was 44.5 
(45.3) per cent, and Loan to Value (LTV) 
was 44.6 (43.7) per 
cent. Kojamo’s interest-bearing liabilities totalled EUR 3,600.4 
(3,678.2) million at the end of the financial year. 
Kojamo’s financing agreements include financial covenants re-
lated to the gearing ratio, the proportion of secured loans of 
the balance sheet, the amount of unencumbered assets and 
the capacity of the business to cover its interest liabilities. 
Kojamo fulfilled the terms of the covenants during the financial 
year. 
According to the terms and conditions of Kojamo’s unsecured 
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 0.44 (0.42), the secured solvency 
ratio was 0.10 (0.09) and the coverage ratio was 3.6 (3.8). 
These covenants are included in addition to the bonds in 
drawn or undrawn financing agreements. 
According to the terms and conditions of certain financial 
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 3.2 (3.9). These covenants are included in drawn or un-
drawn financial agreements.

 
 
 
Board of Directors’ Report and Financial Statements 
2023 
64 
Hallituksen toimintakertomus ja tilinpäätös 
4.7 Guarantees and commitments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
M€ 
31 Dec 2023 
31 Dec 2022 
Loans covered by pledges on property and 
shares as collateral 
839.3 
780.7 
Pledges given 
1,691.6 
922.2 
Shares 
293.2 
102.1 
Pledged collateral, total 
¹
⁾
1,984.9 
1,024.3 
Other collaterals given 
Mortgages and shares 
8.1 
8.1 
Guarantees ²
⁾
723.5 
756.4 
Other collateral, total 
731.6 
764.5 
¹
⁾
 
Pledged mortgages and shares relate in some cases 
to the same properties. The collaterals for the syndicated 
loan made in October 2023 
 
was given at the time of signing, but the loan 
was unwithdrawn at the end of the financial 
year. 
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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
65 
Hallituksen toimintakertomus ja tilinpäätös 
5. Income taxes
5.1 Current tax expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The tax expense in the income statement is broken down as follows 
M€ 
1–12/2023 
1–12/2022 
Current tax expense 
-16.4 
-17.3 
Taxes for previous financial years 
-0.1 
0.0 
Change in deferred taxes 
39.8 
117.2 
Total 
23.3 
100.0 
Tax effects relating to components of other comprehensive income 
M€ 
1–12/2023 
1–12/2022 
Cash flow hedges 
Before taxes 
-39.8 
92.4 
Tax effect 
8.0 
-18.5 
After taxes 
-31.8 
74.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation between the tax expense shown in the income statement and tax calculated 
using the parent company’s tax rate 
M€ 
1–12/2023 
1–12/2022 
Profit before taxes 
-112.3 
-499.8 
Taxes calculated using the current tax rate (20%) 
22.5 
100.0 
Tax-exempt income/non-deductible costs 
-0.2 
0.1 
Utilisation of confirmed tax losses 
0.6 
0.8 
Change of deferred tax assets on unused confirmed 
tax losses 
0.7 
-0.9 
Taxes from previous periods 
-0.1 
0.0 
Other 
-0.1 
-0.1 
Adjustments total 
0.8 
0.0 
Total taxes recognised in profit or loss 
23.3 
100.0
Accounting policies 
The tax expense in the comprehensive income statement com-
prises current tax and the change in deferred tax liabilities and 
receivables. Income tax is recognised in profit and loss, except 
when income tax is related to items recognised directly in eq-
uity or components of other comprehensive income. In this 
event, the tax is also included in these items. 
Current taxes are calculated from taxable profit determined 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 recognised for 
all temporary differences between the carrying amounts and 
tax bases of assets and liabilities using the liability method. Ac-
quisitions of individual assets constitute an exception to this 
rule. At Kojamo, these assets include such investment prop-
erty acquisitions that do not meet the criteria of business enti-
ties 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 investment 
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 finan-
cial 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 utilised. The eligi-
bility of the deferred tax asset for recognition is reassessed on 
the last day of each reporting period. 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 reporting period 
are used as the tax rate, or tax rates for the year following the 
financial year if they are in practice approved by the last day of 
the reporting period.
 

 
Board of Directors’ Report and Financial Statements 
2023 
66 
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 2023 
or loss 
income 
changes 
31 Dec 2023 
Deferred tax assets 
Confirmed losses 
0.8 
0.7 
- 
1.5 
Cash flow hedges 
0.2 
3.1 
- 
3.2 
Other items/transfers 
0.5 
-0.3 
- 
0.2 
Lease agreements 
14.9 
0.8 
- 
15.7 
Total 
16.4 
1.1 
3.1 
- 
20.6 
Set-off of deferred tax of lease agreements 
-14.9 
-0.8 
- 
-15.7 
Deferred tax assets 
1.5 
0.3 
3.1 
- 
4.9 
Deferred tax liabilities 
Investment properties measured at fair value 
and residential building provisions 
862.3 
-39.5 
- 
822.8 
Cash flow hedges 
10.9 
-4.9 
- 
6.0 
Other items/transfers 
0.4 
0.0 
- 
0.5 
Lease agreements 
14.9 
0.8 
- 
15.7 
Total 
888.6 
-38.7 
-4.9 
- 
845.0 
Set-off of deferred tax of lease agreements 
-14.9 
-0.8 
- 
-15.7 
Deferred tax liabilities 
873.7 
-39.5 
-4.9 
- 
829.3 
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 
Lease agreements 
14.3 
0.6 
- 
14.9 
Total 
24.4 
0.1 
-8.1 
- 
16.4 
Set-off of deferred tax of lease agreements 
-14.3 
-0.6 
- 
-14.9 
Deferred tax assets 
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 
Lease agreements 
14.3 
0.6 
- 
14.9 
Total 
995.3 
-117.2 
10.4 
0.0 
888.6 
Set-off of deferred tax of lease agreements 
-14.3 
-0.6 
- 
-14.9 
Deferred tax liabilities 
981.0 
-117.8 
10.4 
0.0 
873.7

 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
67 
Hallituksen toimintakertomus ja tilinpäätös 
Expiration years for unrecognised confirmed losses 
Year of expiration 
M€ 
2024−2025 
2026−2027 
2028−2029 
2030−2031 
2032−2033 
Total 
Confirmed losses 
0.2 
0.5 
0.1 
0.0 
0.0 
0.8 
Unrecognised deferred tax 
0.0 
0.1 
0.0 
0.0 
0.0 
0.2
Accounting policies 
Recognition of deferred tax assets
Determining whether to recognise a deferred tax asset on the 
balance sheet requires the management’s judgment. A de-
ferred 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 recognised 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 differ-
ence 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 recognised for 
all temporary differences between the carrying amounts and 
tax bases of assets and liabilities. An exception to this principal 
rule is constituted by acquisitions of single investment proper-
ties, which are not considered to meet the definition of busi-
ness according to IFRS 3 Business Combinations -standard. 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 acquisitions (described in 
more detail in note 3.1) also affects the recognition of deferred 
taxes.
6. Other balance sheet items 
6.1. Lease 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 3.9 (3.8) per cent on 31 December 2023. 
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 2023. 
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.

Board of Directors’ Report and Financial Statements 
2023 
68 
Hallituksen toimintakertomus ja tilinpäätös 
 
Right-of-use assets 
M€ 
31 Dec 2023 
31 Dec 2022 
Fair value od Leases for plots of land 
1 Jan * 
73.8 
70.6 
Increases/decreases 
5.2 
4.3 
Profit/loss on fair value of investment properties 
-1.3 
-1.1 
Fair value of Leases for plots of land 31 Dec 
77.8 
73.8 
* Land lease contracts are measured at 
fair value and are recognised in investment properties. 
M€ 
31 Dec 2023 
31 Dec 2022 
Car leasing agreements 1 Jan * 
1.7 
1.7 
Increases/decreases 
-0.1 
0.0 
Acquisition cost 31 Dec 
1.6 
1.7 
Accumulated depreciation 1 Jan 
-0.9 
-0.8 
Depreciation, amortisation and impairment 
-0.5 
-0.4 
Increases/decreases 
0.6 
0.3 
Accumulated depreciation 
-0.8 
-0.9 
Car leasing agreements 1 Jan 
0.8 
0.9 
Car leasing agreements 31 Dec 
0.8 
0.8 
* Car leasing agreements are recognised in 
property, plant and equipment. 
Right-of-use assets total on 1 Jan 
74.6 
71.5 
Right-of-use assets total on 31 Dec 
78.6 
74.6
 
Lease liabilities 
M€ 
31 Dec 2023 
31 Dec 2022 
Lease liabilities on 1 Jan 
74.6 
71.5 
New leases 
1.9 
2.2 
Repayments of lease liabilities 
-1.8 
-1.6 
Other non-cash movements 
3.9 
2.5 
Lease liabilities on 31 Dec 
78.6 
74.6 
Lease liabilities 
M€ 
31 Dec 2023 
31 Dec 2022 
Non-curret liabilities 
Investment property, leases for plot of land 
76.0 
72.1 
Depreciation, amortisation and impairment, car leasing 
agreements 
0.4 
0.3 
Non-curret liabilities total 
76.4 
72.4 
Current liabilities 
Investment property, leases for plot of land 
1.8 
1.7 
Depreciation, amortisation and impairment, car leasing 
agreements 
0.4 
0.4 
Current liabilities total 
2.2 
2.1 
Lease liabilities total 
78.6 
74.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
69 
Hallituksen toimintakertomus ja tilinpäätös 
6.2 Intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other 
Intangible 
intangible 
M€ 
rights 
assets 
Total 
Acquisition cost 1 Jan 2023 
0.1 
1.2 
1.3 
Increases 
- 
0.1 
0.1 
Decreases 
-0.1 
-0.1 
-0.2 
Acquisition cost 31 Dec 2023 
0.0 
1.2 
1.2 
Accumulated depreciation 1 Jan 2023 
-0.1 
-0.5 
-0.6 
Decreases 
0.1 
0.1 
0.2 
Depreciation for the financial year 
- 
-0.2 
-0.2 
Accumulated depreciation 31 Dec 2023 
0.0 
-0.7 
-0.7 
Carrying value 1 Jan 2023 
0.0 
0.7 
0.7 
Carrying value 31 Dec 2023 
0.0 
0.6 
0.6 
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
Accounting policies 
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 benefit related to 
the asset will probably benefit Kojamo. Any other costs are im-
mediately recognised as expenses. Intangible assets are val-
ued at acquisition cost less amortisation and any impairment 
loss. Kojamo’s intangible assets consist of licences and IT sys-
tems. 
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 fiver to twenty years.
Research costs are recognised as an expense as incurred. 
Development costs are recognised as intangible assets in the 
balance sheet, provided that they can be reliably determined, 
the product or process is technically and commercially feasi-
ble, it will probably generate financial benefit in the future and 
Kojamo has the resources required for completing the re-
search 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. 
The accounting for cloud computing arrangements depends on 
whether the cloud-based software classifies as a software in-
tangible asset or a service contract. Those arrangements 
where Kojamo does not have control over the underlying soft-
ware are accounted for as service contracts providing the 
Group with the right to access the cloud provider’s application 
software over the contract period. The ongoing fees to obtain 
access to the application software, together with related con-
figuration or customisation costs incurred, are recognised un-
der Other operating expenses when the services are received.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
70 
Hallituksen toimintakertomus ja tilinpäätös 
6.3 Property, plant and equipment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
M€ 
Land areas 
Connection 
 
and 
Right- 
Other 
Total 
of-use 
tangible 
charges 
Buildings 
equipment 
assets 
assets 
Acquisition cost 1.1.2023 
5.4 
0.1 
26.5 
3.5 
1.7 
1.4 
38.7 
Increases 
- 
- 
0.1 
0.0 
-0.1 
- 
0.1 
Decreases 
- 
- 
- 
-0.4 
- 
0.0 
-0.4 
Hankintameno 31 Dec 2023 
5.4 
0.1 
26.6 
3.2 
1.6 
1.4 
38.4 
Accumulated depreciation 1 Jan 2023 
- 
- 
-6.2 
-3.1 
-0.9 
-0.1 
-10.3 
Depreciation for the financial year 
- 
- 
-0.4 
-0.1 
-0.5 
0.0 
-1.0 
Decreases 
- 
- 
- 
0.4 
0.6 
- 
1.0 
Accumulated depreciation 31 Dec 2023 
- 
- 
-6.6 
-2.9 
-0.8 
-0.1 
-10.4 
Carrying value 1 Jan 2023 
5.4 
0.1 
20.3 
0.4 
0.8 
1.3 
28.4 
Carrying value 31 Dec 2023 
5.4 
0.1 
20.0 
0.3 
0.8 
1.3 
28.0 
Machinery 
Right- 
Other 
Connection 
 
and 
of-use 
tangible 
M€ 
Land areas 
charges 
Buildings 
equipment 
assets 
assets 
Total 
Acquisition cost 1 Jan 2022 
5.4 
0.1 
26.5 
3.3 
1.7 
1.4 
38.4 
Increases 
- 
- 
0.0 
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 
- 
- 
0.0 
0.0 
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
Accounting policies 
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 original 
acquisition cost, less accumulated depreciation and possible 
impairment losses, adding capitalised costs related to modern-
isations. 
The acquisition cost includes costs that are directly attributable 
to the acquisition of the property, plant and equipment item. If 
the item consists of several components with different useful 
lives, they are treated as separate items of property, plant and 
equipment. In this case, costs related to the replacement of a 
component are capitalised, and any remaining carrying 
amount is derecognised from the balance sheet in connection 
with the replacement. Government grants received for the ac-
quisition 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 income as 
lower depreciation charges over the useful life of the asset. 
Costs that arise later as a result of additions, replacements of 
parts or maintenance, such as modernisation costs, are in-
cluded in the carrying amount of the property, plant and equip-
ment asset only in the event that the future financial benefit re-
lated to the asset will probably benefit Kojamo and the acquisi-
tion cost can be reliably determined. Maintenance and repair 
expenses are recognised immediately through profit and loss. 
Depreciation on property, plant and equipment is recognised 
as straight-line depreciation during the useful life. No deprecia-
tion is charged on land, as land is considered to have an indef-
inite useful life. 
The depreciation periods based on economic useful life are as 
follows: 
Buildings 
67 years 
Machinery and equipment in buildings 
10–50 years 
Capitalised renovations and repairs 
10–50 years 
IT hardware 
4–5 years 
Base stations 
7 years 
Office equipment 
10 years 
Multifunction devices 
6-8 years
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
71 
Hallituksen toimintakertomus ja tilinpäätös 
Gains and losses from sales and disposals of property, plant 
and equipment are recognised in the income statement 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-specific 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 resulting from the 
asset, discounted to the present. The recoverable amount is 
compared with the asset’s carrying amount. An impairment 
loss is recognised if the recoverable amount is lower than the 
carrying amount. Impairment 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 reassessed. 
The impairment loss will be reversed later if the circumstances 
change and the recoverable amount has increased after the 
recognition of the impairment loss. However, reversal of im-
pairment loss shall not exceed the asset’s carrying amount 
less impairment loss.
6.4 Non-current receivables
 
 
 
 
 
 
 
 
M€ 
31 Dec 2023 
31 Dec 2022 
Loan receivables from associated companies 
4.7 
4.8 
Loan receivables from others 
1.6 
1.7 
Non-current accrued income 
0.1 
0.2 
Total 
6.5 
6.7
6.5 Current trade and other receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
M€ 
31 Dec 2023 
31 Dec 2022 
Trade receivables 
7.5 
6.4 
Receivables from associated companies 
0.0 
0.2 
Loan receivables 
0.1 
0.1 
Other receivables 
1.3 
2.2 
Prepaid expenses and accrued income 
8.0 
2.1 
Total 
17.0 
11.1 
Specification of prepaid expenses and accrued 
income 
31 Dec 2023 
31 Dec 2022 
Rental services 
1.0 
1.4 
Prepayments 
0.4 
0.1 
Interest 
6.2 
0.1 
Other prepaid expenses and accrued income 
0.4 
0.5 
Total 
8.0 
2.1
The fair value of trade receivables and other receivables 
matches their carrying amount.
6.6 Provisions and other non-current liabilities
Provisions 
Provisions include EUR 0.1 (0.3) 
million in ten-year guarantee 
reserves for Lumo Kodit Oy’s (VVO Rakennuttaja Oy’s) 
founder construction, estimated on the basis of experience. 
Accounting policies 
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 required 
to settle the obligation 
●
the amount of the obligation can be reliably estimated. 
Provisions may result from restructuring plans, onerous con-
tracts 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 obligation on 
the last day of the reporting period. Where it can be expected 
some of a provision to be reimbursed, the reimbursement is 
recognised as a separate asset but only when the reimburse-
ment is virtually certain.

 
Board of Directors’ Report and Financial Statements 
2023 
72 
Hallituksen toimintakertomus ja tilinpäätös 
 
Other non-current liabilities 
M€ 
31 Dec 2023 
31 Dec 2022 
Security deposits received 
4.3 
4.3 
Other liabilities, investments 
0.6 
0.8 
Total 
4.9 
5.0
Other non-current liabilities comprise mainly received security 
deposits.
6.7 Current trade payables and other payables
 
M€ 
31 Dec 2023 
31 Dec 2022 
Advances received 
6.2 
6.2 
Trade payables 
1.8 
21.6 
Other debts 
1.4 
1.5 
Accrued expenses and deferred income 
66.0 
49.2 
Total 
75.4 
78.5 
Specification of accrued expenses and deferred 
income 
31 Dec 2023 
31 Dec 2022 
Rental services 
8.8 
2.7 
Investments 
11.2 
9.9 
Personnel expenses 
6.0 
5.8 
Interest 
38.6 
30.7 
Other items 
1.4 
0.0 
Total 
66.0 
49.2
7. Other notes
7.1 Adjustments to cash flow from operating activities
 
M€ 
1–12/2023 
1–12/2022 
Depreciation 
1.3 
1.2 
Financial income and expenses 
71.3 
57.4 
Income taxes 
-23.3 
-100.0 
Share of result of associated companies 
-0.1 
-0.1 
Profit/loss on fair value of investment properties 
295.4 
682.0 
Profit/loss on the disposal of investment properties 
-0.2 
-0.2 
Other adjustments 
0.8 
-0.8 
Total 
345.0 
639.4
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.

Board of Directors’ Report and Financial Statements 
2023 
73 
Hallituksen toimintakertomus ja tilinpäätös 
 
Employee benefits of key management personnel 
M€ 
1–12/2023 
1–12/2022 
Wages and salaries to management 
CEO 
-0.6 
-0.4 
Other members of the Management Team 
-1.1 
-1.0 
Members of the Board and its committees 
-0.1 
-0.1 
Total wages and salaries for the management 
-1.7 
-1.5 
Share-based payments 
CEO 
-0.1 
-0.5 
Other members of the Management Team 
-0.1 
-0.7 
Members of the Board and its committees 
-0.3 
-0.3 
Share-based payments total 
-0.5 
-1.5 
Funded pension plans 
-0.2 
-0.2 
Defined contribution pension plans 
-0.4 
-0.4 
Total 
-2.7 
-3.6 
Salaries and wages to the CEO, the Board of Directors and the Board`s committees 
1,000 € 
1–12/2023 
1–12/2022 
Jani Nieminen, CEO 
-625.4 
-970.0 
Board of Directors and its committees 
 
Mikael Aro, Chairman of the Board 
-80.5 
-78.8 
 
Mikko Mursula, Vice chairman of the board 
-52.1 
-50.9 
 
Reima Rytsölä 
-10.0 
-45.0 
 
Anne Koutonen 
-52.1 
-51.5 
 
Minna Metsälä 
- 
-9.7 
 
Kari Kauniskangas 
-47.1 
-35.3 
 
Matti Harjuniemi 
-8.8 
-45.0 
Catharina von Stackelberg-Hammarén 
-45.3 
-44.4 
Andreas Segal 
-38.2 
- 
Annica Ånäs 
-36.1 
- 
Board of Directors and its committees total 
-370.1 
-360.3 
Total * 
-995.5 
-1,330.3 
* The salaries and wages include share-based payments

Board of Directors’ Report and Financial Statements 
2023 
74 
Hallituksen toimintakertomus ja tilinpäätös 
For the 2023–2024 term of office, the Board of Directors has 
been paid fees totalling EUR 367.8 thousand. 
EUR 370.1 thou-
sand is allocated to the financial year 2023. 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: 
●
 
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. 
●
 
for the performance period 2023–2025: total revenue, FFO 
and apartment-specific CO2 emission reduction target for 
years 2023–2025, and Loan to Value ratio. 
If the three ongoing earning periods were accrued in full, the 
maximum remuneration would be a sum corresponding to 
385,211 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. 
On 15 February 2023, Kojamo’s Board of Directors approved 
to establish a new restricted share programme for the years 
2023-2025. The programme will be used in specific situations 
decided by the Board of Directors separately. The programme 
consists of individual, annually commencing maximum three-
year long restricted share plans within which the participants 
have the opportunity to receive a fixed number of shares as a 
long-term incentive and retention award. 2023-2025 commit-
ment period will last until the end of 2025 and the possible re-
ward will be paid during the year following the expiry of the pe-
riod partially in shares in the company and partially in cash. 
The maximum gross number of shares to be granted is 50,000 
shares. 
In the financial year 2023, the effect of the share-based incen-
tive plan for key personnel on Kojamo’s result was EUR -0,2 
(-0.4) million.
Other related party information 
The members of the Board of Directors or corporations over 
which they exercise control owned a total of 57,783 (55,754) 
shares and share-based rights in the company or in compa-
nies belonging to the same Group as the company. 
The members of the Management Team 
or corporations over 
which they exercise control owned a total of 163,115 (190 033) 
shares and share-based rights in the company or in compa-
nies belonging to the same Group as the company. 
These shares represent 0.09 (0.10) per cent of the company’s 
entire share capital. 
Kojamo had no related party transactions deviating from the 
company’s normal business operations in 2022 and 2023.

 
Board of Directors’ Report and Financial Statements 
2023 
75 
Hallituksen toimintakertomus ja tilinpäätös 
7.3 The Group’s subsidiaries, associated com-
panies and joint arrangements 
Accounting policies 
Consolidation policies 
The consolidated financial statements include the parent com-
pany Kojamo plc, the subsidiaries, investments in associated 
companies and interests in joint arrangements (joint opera-
tions).
Subsidiaries 
Subsidiaries are companies that are under the parent com-
pany’s control. Kojamo is considered to control an entity when 
Kojamo is exposed to, or has rights to, variable returns from its 
involvement in the entity and has the ability to affect those re-
turns through its control over the entity. 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 circumstances change in the future, Kojamo 
will reassess whether it continues to have control over the en-
tity. 
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 acqui-
sition, when the Group gained control of the company. Di-
vested subsidiaries are consolidated until the date of divest-
ment, when control ceases. Intra-Group transactions, receiva-
bles, liabilities, essential internal margins and internal profit 
distribution have been eliminated in the consolidated financial 
statements. 
The result for the financial year and total comprehensive in-
come are allocated to the owners of the parent company, as 
Kojamo had no non-controlling interests in 2023 and 2022.
Associated companies 
Associated companies are entities over which Kojamo has 
considerable influence. Considerable influence is basically de-
fined as Kojamo holding 20–50 per cent of the votes in the 
company, or Kojamo as otherwise exercising considerable in-
fluence but not having control in the company. Holdings in as-
sociated companies are consolidated in the financial state-
ments using the equity method from the date of acquiring con-
siderable influence until the date when the considerable influ-
ence ends. The Group’s share of the results of associated 
companies is shown in a separate line on the income state-
ment.
Joint arrangements 
A joint arrangement is an arrangement in which two or more 
parties have joint control. Joint control is the contractually 
agreed sharing of control of an arrangement, which exists only 
when decisions about the relevant activities require the unani-
mous consent of the parties sharing control. 
A joint arrangement is either a joint operation or joint venture. 
In a joint operation, Kojamo has rights to the assets and obli-
gations for the liabilities relating to the arrangement, whereas a 
joint venture is an arrangement in which Kojamo has rights to 
the net assets of the arrangement. All of Kojamo’s joint ar-
rangements 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 liabili-
ties. In addition, Kojamo recognises its income and expenses 
related to joint operations, including its share of the income 
and expenses from joint operations. Kojamo applies this pro-
portional consolidation method to all the joint operations de-
scribed hereinabove, regardless of Kojamo’s holding. If the 
proportionally consolidated 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 
financial statements.

Board of Directors’ Report and Financial Statements 
2023 
76 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group structure 31 December 2023 
 
Associated 
Units 
Subsidiaries 
companies 
Kojamo plc 
10 
1)
2 
Parent companies of sub-groups 
Lumo Kodit Oy 
355 
34 
Lumo Vuokratalot Oy 
10 
3 
2)
Lumo Asumisen Palvelut Oy 
1 
6 
Kojamo Palvelut Oy 
1 
Total 
377 
44 
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 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 
 
Kotinyt 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 
Asunto Oy Espoon Kulovalkeantie 21 B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Likusterikatu A 
Espoo 
100.00 
100.00

Board of Directors’ Report and Financial Statements 
2023 
77 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Bulevardi 31 
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 
Asunto Oy Helsingin Kahvipavunkuja 3 
Helsinki 
100.00 
100.00

Board of Directors’ Report and Financial Statements 
2023 
78 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Madetojankuja 1b 
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 4 
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 
Asunto Oy Helsingin Strömbergintie 4 E 
Helsinki 
100.00 
100.00

Board of Directors’ Report and Financial Statements 
2023 
79 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 
Asunto Oy Järvenpään Reki-Valko 
Järvenpää 
100.00 
100.00

Board of Directors’ Report and Financial Statements 
2023 
80 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 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 
Asunto Oy Rientolanhovi 
Tampere 
100.00 
100.00 
Asunto Oy Rovaniemen Koskikatu 9 
Rovaniemi 
100.00 
100.00

Board of Directors’ Report and Financial Statements 
2023 
81 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Näsilinnankatu 40 
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 
Asunto Oy Vantaan Liesikuja 8 
Vantaa 
100.00 
100.00

Board of Directors’ Report and Financial Statements 
2023 
82 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 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 
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 
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

Board of Directors’ Report and Financial Statements 
2023 
83 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asunto Oy Helsingin Kantelettarentie 15 osakkuusyhtiö: 
Kiinteistö Oy Sävelkorttelin Parkkihalli 
Helsinki 
31.19 
65.35 
Asunto Oy Helsingin Vanhaistentie 1 d osakkuusyhtiö: 
 
 
 
Kiinteistö Oy Sävelkorttelin Parkkihalli 
Helsinki 
34.16 
65.35 
Subsidiaries and joint arrangements 
Parent company 
Group 
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 
76.67 
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 
Kiinteistö Oy Mannerheimintie 168a 
Helsinki 
100.00 
100.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 
Asemamiehenkadun Pysäköinti Oy 
Helsinki 
48.94 
48.94 
Haltian Pysäköinti Oy 
Vantaa 
39.25 
39.25 
Kiinteistö Oy Espoon Pegasos Pysäköinti 
Espoo 
27.23 
27.23 
Kiinteistö Oy Nihtitorpankujan Parkki 
Espoo 
34.38 
34.38 
Kiinteistö Oy Säterinkallion Pysäköinti 
Espoo 
46.41 
46.41 
Louhen Pysäköinti Oy 
Helsinki 
32.00 
32.00 
Lumo Kodit Oy 
Asunto Oy Espoon Otsonkulma 
Espoo 
28.98 
28.98 
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 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 
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
84 
Hallituksen toimintakertomus ja tilinpäätös 
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 
Miilun alueen huolto Oy 
Salo 
28.57 
28.57 
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 
Asunto Oy Vantaan Kaivokselantie 5 b: 
Kiinteistö Oy Vantaan Pumppupuiston Parkki 
Vantaa 
11.45 
24.20 
Asunto Oy Vantaan Kaivokselantie 5 f: 
Kiinteistö Oy Vantaan Pumppupuiston Parkki 
Vantaa 
12.75 
24.20 
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 on Kojamo 
The continuation of Russia's war of aggression is still reflected 
in the recovery of the world economy. The development of the 
Finnish economy was weak last year. Energy prices, which 
had risen sharply due to the war, fell during the year, but in 
general, inflation continued to be high. The rise in prices af-
fected Kojamo's maintenance costs, especially in the begin-
ning of the year regarding heating costs and electricity prices.
7.5 Events after the financial year 
In January 2024, Kojamo plc announced as a stock exchange 
release that Kojamo plc issued EUR 200 million unsecured 
green notes as a private placement. The new notes were is-
sued under the company’s EMTN programme as an increase 
to the company’s notes maturing on 28 May 2029. The pro-
ceeds of the issue will be used for the refinancing of projects in 
accordance with the company’s Green Finance Framework.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Report and Financial Statements 
2023 
85 
Hallituksen toimintakertomus ja tilinpäätös 
Key figures, the formulas used in their calculation, and reconciliation 
calcula-
tions in accordance with ESMA guidelines
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Formula 
2023 
2022 
2021 
2020 
2019 
Total revenue, M€ 
442.2 
413.3 
391.7 
383.9 
375.3 
Net rental income, M€ 
1 
297.2 
280.1 
262.3 
257.6 
247.3 
Net rental income margin, % 
2 
67.2 
67.8 
67.0 
67.1 
65.9 
Profit/loss before taxes, M€ 
3 
-112.3 
-499.8 
1,278.9 
391.2 
1,031.3 
EBITDA, M€ 
4 
-39.9 
-441.3 
1,334.8 
447.6 
1,083.1 
EBITDA margin, % 
5 
-9.0 
-106.8 
340.8 
116.6 
288.6 
Adjusted EBITDA, M€ 
6 
255.1 
240.4 
228.5 
222.6 
210.3 
Adjusted EBITDA margin, % 
7 
57.7 
58.2 
58.3 
58.0 
56.0 
Funds From Operations (FFO), M€ ¹
⁾
8 
167.2 
160.7 
153.1 
151.4 
140.7 
FFO margin, % 
9 
37.8 
38.9 
39.1 
39.5 
37.5 
Funds From Operations (FFO) 
per share, € 
10 
0.68 
0.65 
0.62 
0.61 
0.57 
FFO excluding non-recurring costs, M€ 
11 
167.2 
160.7 
153.1 
151.4 
140.7 
Adjusted Funds From Operations 
(AFFO), M€ 
12 
140.5 
138.2 
141.1 
124.3 
110.0 
Investment properties, M€ ²
⁾
8,038.8 
8,150.2 
8,327.5 
6,863.1 
6,260.8 
Financial occupancy rate, % 
26 
93.0 
92.0 
93.9 
96.4 
97.2 
Interest-bearing liabilities, M€ 
13 
3,600.4 
3,678.2 
3,334.5 
3,053.3 
2,674.2 
Return on equity, % (ROE) 
14 
-2.4 
-9.9 
27.0 
9.8 
30.3 
Return on investment, % (ROI) 
15 
-0.4 
-5.7 
19.2 
7.4 
20.5 
Equity ratio, % 
16 
44.5 
45.3 
49.0 
45.6 
46.9 
Loan to Value (LTV), % ³
⁾
17 
44.6 
43.7 
37.7 
41.4 
40.5 
Unencumbered asset ratio, % 
18 
74.7 
87.1 
86.3 
79.4 
69.8 
Coverage ratio 
19 
3.6 
3.8 
3.9 
4.1 
4.2 
Solvency ratio 
20 
0.44 
0.42 
0.36 
0.39 
0.39 
Secured solvency ratio 
21 
0.10 
0.09 
0.09 
0.14 
0.20 
Earnings per share, € 
-0.36 
-1.62 
4.14 
1.27 
3.34 
Equity per share, € 
14.67 
15.55 
17.25 
13.39 
12.51 
Dividend/share, € ⁴
⁾
 
- 
0.39 
0.38 
0.37 
0.34 
Dividend/earnings, % 
22 
- 
- 
9.2 
29.1 
10.2 
Price/Earnings ratio (P/E) 
23 
- 
- 
5.1 
14.3 
4.9 
Effective dividend yield, % 
24 
- 
2.8 
1.8 
2.0 
2.1 
Gross investments, M€ 
25 
190.7 
501.6 
356.9 
371.2 
259.9 
Average number of personnel 
315 
316 
321 
315 
305 
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
⁾
 
Including Non-current assets held for sale 
³
⁾
 
Excluding Non-current assets held for sale 
⁴
⁾
 
2023: the Board of Directors proposes to the 
Annual General Meeting that no dividend be 
paid for 2023
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.

Board of Directors’ Report and Financial Statements 
2023 
86 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
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. 
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.

Board of Directors’ Report and Financial Statements 
2023 
87 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
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. 
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.
 

Board of Directors’ Report and Financial Statements 
2023 
88 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
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

 
Board of Directors’ Report and Financial Statements 
2023 
89 
Hallituksen toimintakertomus ja tilinpäätös 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of key indicators 
M€ 
2023 
2022 
2021 
2020 
2019 
Profit/loss for the period 
-89.0 
-399.8 
1,023.4 
312.9 
825.2 
Depreciation, amortisation and impairment 
1.3 
1.2 
1.2 
1.3 
1.1 
Profit/loss on sales of investment properties 
-0.2 
-0.2 
-0.3 
0.7 
-0.1 
Profit/loss on sales of trading properties 
- 
0.0 
- 
- 
-0.2 
Profit/loss on sales of other non-current assets 
-0.2 
0.0 
-0.3 
- 
0.0 
Profit/loss on fair value of investment properties 
295.4 
682.0 
-1,105.7 
-225.8 
-872.4 
Financial income 
-13.5 
-9.6 
-4.8 
-1.8 
-2.6 
Financial expenses 
84.8 
67.0 
59.7 
57.0 
53.4 
Share of result from associated companies 
-0.1 
-0.1 
-0.1 
-0.2 
-0.2 
Current tax expense 
16.5 
17.3 
18.8 
16.9 
19.9 
Change in deferred taxes 
-39.8 
-117.2 
236.7 
61.5 
186.2 
Adjusted EBITDA 
255.1 
240.4 
228.5 
222.6 
210.3 
Financial income and expenses 
-71.3 
-57.4 
-54.9 
-55.3 
-50.8 
Profit/loss on fair value measurement of financial assets 
-0.2 
-5.3 
-3.2 
1.0 
1.1 
Adjusted net interest charges 
-71.5 
-62.7 
-58.1 
-54.2 
-49.7 
Current taxes from disposals 
0.1 
0.2 
1.5 
-0.1 
n/a 
Current tax expense 
-16.5 
-17.3 
-18.8 
-16.9 
-19.9 
FFO 
167.2 
160.7 
153.1 
151.4 
140.7 
Non-recurring costs 
- 
- 
- 
- 
- 
FFO excluding non-recurring costs 
167.2 
160.7 
153.1 
151.4 
140.7 
Equity 
3,625.9 
3,842.7 
4,263.3 
3,309.5 
3,090.6 
Assets total 
8,158.3 
8,482.3 
8,716.8 
7,261.5 
6,590.4 
Advances received 
-6.2 
-6.2 
-6.6 
-6.6 
-6.7 
Equity ratio, % 
44.5 
45.3 
49.0 
45.6 
46.9 
Unencumbered investment properties 
5,918.2 
7,008.2 
7,084.2 
5,327.0 
4,296.3 
Non-current assets, other than investment properties 
125.7 
142.3 
94.2 
97.6 
25.6 
Current assets 
46.9 
238.9 
340.5 
342.7 
277.6 
Unencumbered assets total 
6,090.8 
7,389.3 
7,518.8 
5,767.3 
4,599.6 
Total assets 
8,158.3 
8,482.3 
8,716.8 
7,261.5 
6,590.4 
Unencumbered asset ratio, % 
74.7 
87.1 
86.3 
79.4 
69.8 
Adjusted EBITDA, rolling 12 months 
255.1 
240.4 
228.5 
222.6 
210.3 
Adjusted net interest charges, rolling 12 months 
-71.5 
-62.7 
-58.1 
-54.2 
-49.7 
Coverage ratio 
3.6 
3.8 
3.9 
4.1 
4.2 
Interest-bearing liabities 
3,600.4 
3,678.2 
3,334.5 
3,053.3 
2,674.2 
Deferred purchase price due after 90 days 
- 
- 
- 
- 
8.7 
Cash and cash equivalents 
15.0 
119.4 
197.0 
210.5 
137.3 
Total indebtedness- 
Cash and cash equivalents 
3,585.5 
3,558.8 
3,137.5 
2,842.8 
2,545.6 
Total assets 
8,158.3 
8,482.3 
8,716.8 
7,261.5 
6,590.4 
Solvency ratio 
0.44 
0.42 
0.36 
0.39 
0.39 
Secured loans 
839.3 
780.7 
809.5 
1,048.5 
1,298.1 
Total assets 
8,158.3 
8,482.3 
8,716.8 
7,261.5 
6,590.4 
Secured solvency ratio 
0.10 
0.09 
0.09 
0.14 
0.20

 
Board of Directors’ Report and Financial Statements 
2023 
90 
Hallituksen toimintakertomus ja tilinpäätös 
PARENT COMPANY’S FINANCIAL STATEMENTS 
Parent company’s income statement, FAS 
€ 
Note 
1–12/2023 
1–12/2022 
Rental income 
500,832.84 
458,760.72 
Sales revenue from administration 
13,836,624.00 
12,738,978.00 
Total revenue 
1 
14,337,456.84 
13,197,738.72 
Other operating income 
2 
864.97 
- 
Personnel costs 
3 
-4,120,711.66 
-4,163,339.44 
Depreciation, amortisation and impairment losses 
4 
-314,028.05 
-272,914.17 
Other operating expenses 
5 
-12,500,148.52 
-12,779,120.58 
Operating profit/loss 
-2,596,566.42 
-4,017,635.47 
Investment income 
3,000.00 
6,000.00 
Financial income 
77,782,715.73 
48,706,918.17 
Value adjustments in investments held as current assets 
958,222.21 
-902,860.39 
Financial expenses 
-66,972,018.00 
-47,164,988.71 
Total amount of financial income and expenses 
6 
11,771,919.94 
645,069.07 
Profit/loss before appropriations and taxes 
9,175,353.52 
-3,372,566.40 
Appropriations 
7 
-8,140,000.00 
49,810,100.00 
Income taxes 
8 
8,124.92 
-9,326,991.24 
Profit/loss for the period 
1,043,478.44 
37,110,542.36

 
Board of Directors’ Report and Financial Statements 
2023 
91 
Hallituksen toimintakertomus ja tilinpäätös 
Parent company’s balance sheet, FAS 
€ 
Note 
31 Dec 2023 
31 Dec 2022 
ASSETS 
Non-current assets 
Intangible assets 
9 
Other long-term expenses 
537,723.35 
629,555.80 
Intangible assets, total 
537,723.35 
629,555.80 
Tangible assets 
10 
Land and water areas 
4,519,052.14 
4,520,734.02 
Machinery and equipment 
225,309.16 
345,649.75 
Other tangible assets 
187,206.12 
187,206.12 
Tangible assets, total 
4,931,567.42 
5,053,589.89 
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 
594,029.89 
Investments, total 
83,044,924.87 
83,044,924.87 
Non-current assets, total 
88,514,215.64 
88,728,070.56 
Current assets 
Non-current receivables 
12 
3,051,629,442.29 
2,694,328,897.52 
Current receivables 
13 
46,903,935.14 
270,263,963.41 
Finacial securities 
14 
20,120.68 
90,851,215.89 
Cash and cash equivalents 
5,668,804.67 
73,576,618.41 
Current assets, total 
3,104,222,302.78 
3,129,020,695.23 
ASSETS 
3,192,736,518.42 
3,217,748,765.79 
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 
-12,637,912.08 
46,722,330.94 
Profit for total period 
1,043,478.44 
37,110,542.36 
Total equity 
250,089,804.23 
345,517,111.17 
Liabilities 
Non-current liabilities 
16 
2,405,044,932.95 
2,552,127,711.62 
Current liabilities 
17 
537,601,781.24 
320,103,943.00 
Total liabilities 
2,942,646,714.19 
2,872,231,654.62 
SHAREHOLDERS EQUITY AND LIABILITIES 
3,192,736,518.42 
3,217,748,765.79

 
Board of Directors’ Report and Financial Statements 
2023 
92 
Hallituksen toimintakertomus ja tilinpäätös 
Parent company’s cash flow statement, FAS 
€ 
1–12/2023 
1–12/2022 
Cash flow from operating activities 
Profit/loss before appropriations and taxes 
9,175,353.52 
-3,372,566.40 
Adjustments: 
Planned depreciation and impairment 
314,028.05 
272,914.17 
Asset purchase 
1,421.75 
0.22 
Financial income and expenses 
-10,813,697.73 
-1,547,929.46 
Other adjustments 
-84,469.77 
-573,858.87 
Cash flow from operating activities before 
change in working capital 
-1,407,364.18 
-5,221,440.34 
Change in working capital: 
Change in trade and other receivables 
-84,518.23 
-2,426,783.44 
Change in trade and other payables 
-528,317.23 
-614,465.14 
Cash flow from operating activities before 
financial items, provisions and taxes 
-2,020,199.64 
-8,262,688.92 
Interest paid and payments on other operational 
financial costs 
-62,116,354.87 
-39,390,960.49 
Financial income from operating activities Direct 
taxes paid 
10,462,517.01 
4,896,582.35 
Direct taxes paid 
-13,246,578.35 
-2,204,285.23 
Cash flow from operating activities 
-66,920,615.85 
-44,961,352.29 
Cash flow from investing activities 
Acquistion of property, plant and equipment and intangible assets 
-211,433.81 
-375,874.90 
Capital gains on other investments 
- 
20,000.00 
Non-current loans, granted 
-380,000,000.00 
-470,000,000.00 
Repayments of non-current loan receivables 
220,440,947.40 
- 
Financial securities acquired 
-54,947,967.60 
-140,991,008.37 
Capital gains from financial securities 
145,822,716.82 
165,244,868.91 
Interest and dividends received on investments 
64,890,111.85 
43,620,650.60 
Cash flow from investing activities 
-4,005,625.34 
-402,481,363.76 
Cash flow from financing activities 
Non-current loans and borrowings, raised 
500,000,000.00 
450,000,000.00 
Non-current loans and borrowings, repayments 
-412,600,000.00 
-50,800,000.00 
Current loans and borrowings, raised 
135,768,487.40 
205,438,139.03 
Current loans and borrowings, repayments 
-126,961,996.33 
-224,878,551.15 
Change in the Group's internal bank 
-46,611,848.01 
51,746,903.11 
Dividens paid 
-96,386,315.61 
-93,914,871.62 
Group contributions received 
49,810,100.00 
54,508,725.00 
Cash flow from financing activities 
3,018,427.45 
392,100,344.37 
Change in cash and cash equivalents 
-67,907,813.74 
-55,342,371.68 
Cash and cash equivalents at the beginning 
of the period 
73,576,618.41 
128,918,990.09 
Cash and cash equivalents at the end of 
the period 
5,668,804.67 
73,576,618.41

 
Board of Directors’ Report and Financial Statements 
2023 
93 
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. 
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.

 
Board of Directors’ Report and Financial Statements 
2023 
94 
Hallituksen toimintakertomus ja tilinpäätös 
Notes to the parent company financial statements 
1. Total revenue 
€ 
1–12/2023 
1–12/2022 
Intragroup revenue 
Plot rental income 
364,871.16 
334,220.52 
Rental income, total 
364,871.16 
334,220.52 
Central administration services 
7,840,271.00 
8,363,038.00 
IT rental income 
5,996,353.00 
4,375,940.00 
Other sales revenue, total 
13,836,624.00 
12,738,978.00 
Intragroup revenue, total 
14,201,495.16 
13,073,198.52 
Other operating revenue 
Plot rental income 
135,961.68 
124,540.20 
Other operating revenue, total 
135,961.68 
124,540.20 
Revenue, total 
14,337,456.84 
13,197,738.72 
2. Other operating income 
€ 
1–12/2023 
1–12/2022 
Other operating income 
864.97 
- 
Total 
864.97 
0,00 
3. Personnel costs 
€ 
1–12/2023 
1–12/2022 
Wages, salaries and fees 
-3,407,937.72 
-3,347,832.35 
Pension costs 
-635,225.78 
-737,251.02 
Other employer contributions 
-77,548.16 
-78,256.07 
Total 
-4,120,711.66 
-4,163,339.44 
The management’s performance bonuses have been calcu-
lated based on the closing price on 29 December 2023.

 
Board of Directors’ Report and Financial Statements 
2023 
95 
Hallituksen toimintakertomus ja tilinpäätös 
Wages and salaries to the CEO, the Board of Directors and the Board’s committees 
€ 
1–12/2023 
1–12/2022 
CEO Jani Nieminen 
-625,423.37 
-969,966.96 
Fees paid to the Board of Directors and Board committees 
Mikael Aro 
-80,525.00 
-78,825.00 
Matti Harjuniemi 
-8,750.00 
-44,950.00 
Kari Kauniskangas 
-47,050.00 
-35,250.00 
Anne Koutonen 
-52,125.00 
-51,450.00 
Mikko Mursula 
-52,125.00 
-50,850.00 
Minna Metsälä 
- 
-9,700.00 
Reima Rytsölä 
-9,950.00 
-44,950.00 
Andreas Segal 
-38,200.00 
- 
Catharina Stackelberg-Hammarén 
-45,250.00 
-44,350.00 
Annica Ånas 
-36,100.00 
- 
Total 
-995,498.37 
-1,330,291.96 
2023 
2022 
Average number of personnel 
19 
21 
For the 2023–2024 term of office, the Board of Directors and 
the Board committees have been paid fees totalling EUR 
367,800.00, of which EUR 370.075.00 is allocated to the finan-
cial year 2023. The annual fee paid for the term of office begin-
ning from the Annual General Meeting of 16 March 2023 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 
2023, 
the cost of the Finnish statutory pension plan for the 
CEO was EUR 136,769.27 (108,747.19), and payments to the 
voluntary pension plan amounted to EUR 69,554.50 
(67,332.52). 
In 2023, the cost of the Finnish statutory pension plan for the 
whole Management Team 
was 404,900.16 (357,430.89), and 
payments to the voluntary pension plan amount to EUR 
163,096.52 (229,846.96).
4. Depreciation according to plan 
€ 
1–12/2023 
1–12/2022 
Intangible assets 
- 
-8,241.96 
Other long-term expenses 
Development expenses 
-193,687.46 
-168,275.41 
Other long-term expenses, total 
-193,687.46 
-168,275.41 
Machinery and equipment 
-120,340.59 
-96,396.80 
Total 
-314,028.05 
-272,914.17

 
Board of Directors’ Report and Financial Statements 
2023 
96 
Hallituksen toimintakertomus ja tilinpäätös 
5. Other operating expenses 
€ 
1–12/2023 
1–12/2022 
Property tax 
-146,634.14 
-146,634.15 
Rents and maintenance charges 
-398,513.61 
-472,747.88 
Central administration 
-11,954,505.77 
-12,157,675.88 
Other operating expenses 
-495.00 
-2,062.67 
Total 
-12,500,148.52 
-12,779,120.58 
Audit fees 
KPMG Oy Ab 
Audit 
-191,343.00 
-168,900.46 
Statutory statements 
- 
-4,340.00 
Tax services 
-9,276.00 
-85,148.01 
Advisory services 
-101,800.00 
-200,506.39 
Total 
-302,419.00 
-458,894.86 
6. Total amount of financial income and expenses 
€ 
1–12/2023 
1–12/2022 
Dividend income 
From others 
3,000.00 
6,000.00 
Total 
3,000.00 
6,000.00 
Interest income 
From Group companies 
67,863,787.45 
48,067,461.60 
From others 
985,967.37 
314,619.05 
Other financial income 
8,932,960.91 
324,837.52 
Total 
77,782,715.73 
48,706,918.17 
Dividend, interest and financial income total 
77,785,715.73 
48,712,918.17 
Value adjustments in investments 
Value adjustments in investments held as current assets 
958,222.21 
55,361.82 
Impairment of financial securities held as current assets 
- 
-958,222.21 
Total 
958,222.21 
-902,860.39 
Interest and other financial expenses 
To others 
-66,972,018.00 
-47,164,988.71 
Total 
-66,972,018.00 
-47,164,988.71 
Total financial income and expenses 
11,771,919.94 
645,069.07 
7. Appropriations 
€ 
1–12/2023 
1–12/2022 
Group contributions, received 
- 
49,810,100.00 
Group contributions, given 
-8,140,000.00 
- 
Total 
-8,140,000.00 
49,810,100.00

 
Board of Directors’ Report and Financial Statements 
2023 
97 
Hallituksen toimintakertomus ja tilinpäätös 
8. Income tax 
€ 
1–12/2023 
1–12/2022 
Income tax on operational income 
-580.48 
-9,334,936.88 
Tax for earlier years 
8,705.40 
7,945.64 
Total 
8,124.92 
-9,326,991.24 
9. Intangible assets 
 
Development 
 
€ 
Rights 
expenses 
Total 
Acquisition cost 1 Jan 2023 
114,249.72 
954,353.97 
1,068,603.69 
Increases 
- 
101,855.01 
101,855.01 
Decreases 
-114,249.72 
- 
-114,249.72 
Acquisition cost 31 Dec 2023 
0.00 
1,056,208.98 
1,056,208.98 
Accumulated depreciation 1 Jan 2023 
-114,249.72 
-324,798.17 
-439,047.89 
Accumulated depreciation of decreases 
114,249.72 
- 
114,249.72 
Depreciation for the financial year 
- 
-193,687.46 
-193,687.46 
Accumulated depreciation 31 Dec 2023 
0.00 
-518,485.63 
-518,485.63 
Carrying value 31 Dec 2023 
0.00 
537,723.35 
537,723.35 
Development 
€ 
Rights 
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 
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 
-439,047.89 
Carrying value 31 Dec 2022 
0.00 
629,555.80 
629,555.80

 
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2023 
98 
Hallituksen toimintakertomus ja tilinpäätös 
10. Tangible assets 
 
Other 
 
Machinery and 
tangible 
 
€ 
Land areas 
equipment 
assets 
Total 
Acquisition cost 1 Jan 2023 
4,520,734.02 
1,457,310.93 
187,206.12 
6,165,251.07 
Vähennykset 
- 
-4,275.79 
- 
-4,275.79 
Reductions 
-1,681.88 
- 
- 
-1,681.88 
Acquisition cost 31 Dec 2023 
4,519,052.14 
1,453,035.14 
187,206.12 
6,159,293.40 
Accumulated depreciation 1 Jan 2023 
-1,111,661.18 
- 
-1,111,661.18 
Accumulated depreciation of decreases 
4,275.79 
- 
4,275.79 
Depreciation for the financial year 
-120,340.59 
- 
-120,340.59 
Accumulated depreciation 31 Dec 2023 
-1,227,725.98 
- 
-1,227,725.98 
Carrying value 31 Dec 2023 
4,519,052.14 
225,309.16 
187,206.12 
4,931,567.42 
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 
11. Investments 
 
Other 
 
Shares in 
Shares in 
securities 
 
€ 
subsidiaries 
associates 
and shares 
Total 
Acquisition cost 1 Jan 2023 
82,273,943.02 
176,951.96 
594,029.89 
83,044,924.87 
Acquisition cost 31 Dec 2023 
82,273,943.02 
176,951.96 
594,029.89 
83,044,924.87 
Carrying value 31 Dec 2023 
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 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

 
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2023 
99 
Hallituksen toimintakertomus ja tilinpäätös 
12. Non-current receivables 
€ 
31 Dec 2023 
31 Dec 2022 
Loan receivables from Group companies 
3,044,703,938.60 
2,686,944,886.00 
Prepaid expenses and accrued income 
6,925,503.69 
7,384,011.52 
Total 
3,051,629,442.29 
2,694,328,897.52 
Amortized loan costs recognised in non-current receivables 
6,849,348.88 
7,202,392.20 
13. Current receivables 
€ 
31 Dec 2023 
31 Dec 2022 
From Group companies 
Trade receivables 
2,617,389.98 
2,144,380.47 
Loan receivables 
15,000.00 
198,215,000.00 
Other receivables 
25,925,987.92 
64,355,999.34 
From Group companies, total 
28,558,377.90 
264,715,379.81 
Loan receivables 
1,737.40 
3,201.53 
Other receivables 
85,054.75 
613,632.11 
Prepaid expenses and accrued income 
18,258,765.09 
4,931,749.96 
Total 
46,903,935.14 
270,263,963.41 
Amortized loan costs recognised in current receivables 
4,494,355.78 
4,346,815.08 
14. Financial securities 
€ 
31 Dec 2023 
31 Dec 2022 
Financial securities 
Other securities and funds 
20,120.68 
90,851,215.89 
Total 
20,120.68 
90,851,215.89 
Financial securities include fund units and money market 
funds.

 
Board of Directors’ Report and Financial Statements 
2023 
100 
Hallituksen toimintakertomus ja tilinpäätös 
15. Comprehensive income 
€ 
31 Dec 2023 
31 Dec 2022 
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 
83,832,873.30 
141,255,213.86 
Dividend payment 
-96,386,315.61 
-93,914,871.62 
Share-based incentive scheme 
-84,469.77 
-618,011.30 
Retained earnings as at 31 Dec 
-12,637,912.08 
46,722,330.94 
Profit for the period 
1,043,478.44 
37,110,542.36 
Total 
250,089,804.23 
345,517,111.17 
Calculation on distributable equity 
Reserve for invested unrestricted equity 
167,856,001.50 
167,856,001.50 
Retained earnings 
-12,637,912.08 
46,722,330.94 
Profit for the period 
1,043,478.44 
37,110,542.36 
Capitalised development costs 
-537,723.35 
-629,555.80 
Total 
155,723,844.51 
251,059,319.00 
pcs 
31 Dec 2023 
31 Dec 2022 
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 2023 
31 Dec 2022 
Loans from financial institutions 
839,038,998.42 
401,638,998.42 
Bonds 
1,565,515,000.00 
2,150,000,000.00 
Accrued expenses, wages and salaries 
490,934.50 
285,149.40 
Bond derivative profit periodisation 
0.03 
203,563.80 
Total 
2,405,044,932.95 
2,552,127,711.62

 
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2023 
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17. Current liabilities 
€ 
31 Dec 2023 
31 Dec 2022 
Loans from financial institutions, instalments in 
the next financial year 
435,285,000.00 
200,800,000.00 
Trade payables 
269,463.01 
1,045,785.55 
Liabilities to Group companies 
Trade payables 
1,097.40 
417,290.93 
Other debts 
29,739,006.84 
56,829,726.65 
Other debts 
40,239,137.62 
30,990,823.98 
Accrued expenses and deferred income 
Accrued financial liabilities 
29,668,464.98 
25,561,052.78 
Personnel expenses 
1,317,326.39 
1,082,511.14 
Tax liabilities 
- 
2,242,076.04 
Other items 
877,687.91 
2,158.71 
Bond derivative profit periodisation 
204,597.09 
1,132,517.22 
Total 
537,601,781.24 
320,103,943.00 
18. Derivative instruments 
Interest rate derivatives 
€ 
31 Dec 2023 
31 Dec 2022 
Fair values of derivative instruments 
Interest rate derivatives 
Interest rate swap, cash flow hedging 
-6,458,592.65 
14,636,094.37 
Total 
-6,458,592.65 
14,636,094.37 
Nominal values of derivative instruments 
Interest rate derivatives 
Interest rate swap, cash flow hedging 
630,800,000.00 
156,400,000.00 
Total 
630,800,000.00 
156,400,000.00 
Hedge accounting is applied to interest rate swaps as their 
terms and conditions are similar to the terms and conditions of 
the hedged loan agreements Interest rate swaps have not 
been recognized through profit and loss. If the duration of the 
derivative is longer than that of the loan, it is highly likely that 
the loan will be extended.
19. Guarantees and commitments 
€ 
31 Dec 2023 
31 Dec 2022 
Loans that mature in more than five years 
Market-based loans 
350,000,000.00 
500,038,998.40 
Loans for which montage on and shares in property 
have been given as a guarantee 
Loans from financial institutions 
838,998.40 
1,038,998.40 
Mortgages given 
4,015,000.00 
4,015,000.00 
Guarantees given 
Counter-guarantee 
298,736,123.21 
328,249,036.77

 
 
 
 
 
 
 
 
 
 
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2023 
102 
Hallituksen toimintakertomus ja tilinpäätös 
20. Other liabilities 
€ 
31 Dec 2023 
31 Dec 2022 
Car leasing liabilities 
Payable during the next financial year 
121,389.00 
81,264.76 
Payable later 
126,141.34 
43,632.71 
Price risk 
Unexpected changes in electricity pricing may expose com-
pany to price risk. Kojamo has hedged it´s electricity price risk 
by using electricity purchase agreements. 
21. Related party transactions 
The members of the Board of Directors or corporations over 
which they exercise control owned a total of 57,783 (55,754) 
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 163,115 (190,033) shares 
and share-based rights in the company or in companies be-
longing to the same Group as the company. These shares rep-
resent 0.09 (0.10) 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 2023 and 2022.

 
Board of Directors’ Report and Financial Statements 
2023 
103 
Hallituksen toimintakertomus ja tilinpäätös 
SIGNATURES TO THE BOARD OF DIRECTORS’ 
REPORT 
AND FINANCIAL STATEMENTS 
Helsinki, February 15 2024 
Mikael Aro 
Mikko Mursula 
Chairman of the Board of Directors 
Vice-Chairman of the Board of Directors 
Kari Kauniskangas 
Anne Koutonen 
Andreas Segal 
Catharina Stackelberg-Hammarén 
Annica Ånäs 
Jani Nieminen 
CEO 
A report on the audit has been issued today 
Helsinki, 15 February 2024 
KPMG Oy Ab 
Petri Kettunen, APA 