Kojamo Oyj : Annual Report 2022

Annual Report

BUSINESS

SUSTAINABILITY

Kojamo plc Annual Report 2022 | 2

Table of contents

BUSINESS		3	Sustainability management and stakeholder engagement	25
Key figures in 2022		4	Commitments at the core of our sustainability efforts	28
Highlights of the year	5	Risks and opportunities related to climate change	29
CEO's review			6	Our sustainability programme sets the direction for our work	32
Population growth continues and the demand for rental housing increases	8	Sustainability programme	33
Our strategy 2020-2023			11	Sustainable cities	34
Progress towards strategic targets	12	The best customer experience	41
Growth in total revenue			14	The most competent personnel and a dynamic workplace	49
																					56
Kojamo's value creation model	18	A responsible corporate citizen
Why invest in Kojamo?		19	Kojamo's sustainability reporting principles	63
														Sustainability performance indicators			66
SUSTAINABILITY
21	Impacts and management of Kojamo's material topics of sustainability	76
Key sustainability figures 2022		22	GRI content index	79
We create better urban living sustainably	23	Independent Assurance Report	86

BUSINESS	SUSTAINABILITY	Kojamo plc Annual Report 2022 | 3

Business

Kojamo is Finland's largest private residential real estate investment company and one of the biggest investors in Finland. Our mission is to create better urban living. Our Lumo brand offers environmentally friendly housing and services for the city dweller who appreciates quality and effortlessness.

BUSINESS		3
Key figures in 2022		4
Highlights of the year	5
CEO's review			6
Population growth continues and the demand for rental housing increases	8
Our strategy 2020-2023			11
Progress towards strategic targets		12
Growth in total revenue			14
Kojamo's value creation model		18
Why invest in Kojamo?		19

	BUSINESS	SUSTAINABILITY	Kojamo plc Annual Report 2022 | 4

Key figures in 2022

		Funds From
Total revenue	Net rental income	Operations (FFO)

413.3 M€	280.1 M€	160.7 M€
(391.7 M€, +5.5%)	(262.3 M€, +6.8%)	(153.1 M€, +5.0%)

Fair value of		Profit before	Profit/loss
investment properties	Gross investments	changes in value1)	before taxes

8.2 B€	501.6 M€	182.2 M€	−499.8 M€
(8.3 B€, −2.1%)	(356.9 M€, +40.6%)	(173.2 M€, +5.2%)	(1,278.9 M€, −139.1%)

1) Changes in value = Profit/loss on fair value of investment properties

	BUSINESS	SUSTAINABILITY	Kojamo plc Annual Report 2022 | 5

Highlights of the year

February

8 Feb | We agreed on the construction of

49 apartments in Tampere. √

22 Feb | We agreed on the construction of 84 apartments in Turku. √

2 Mar | We offered to help with emergency housing for Ukrainians. √

15 Mar | We agreed on the construction of 77 rental apartments in Uusi Kemia and Vanha Kemia at Bulevardi 31 in Helsinki. √

May	July
4 May | We expanded our range of sustainable	1 Jul | The first residents of the Lumo One
housing services and introduced a Zero-carbon	skyscraper moved in. √
heating service and a carbon footprint test. √			October
30 May | We published our first Green Bond	6 Oct | We participated in the Down
Impact Report. √			a Degree energy saving campaign. √

March	31 Mar | We issued a EUR 300 million green
1 Mar | The Green Deal demolition of the	bond under our EMTN programme. √			June
old Puotila shopping centre exceeded the						23 Jun | We agreed on the acquisition of 942
70% recovery rate target. √			April	apartments. √
			25 Apr | We agreed on the construction of
			178 apartments in Espoo. √			27 Jun | We agreed on the acquisition of 141
								apartments. √

Financial development

Modernisation investments and repairs (M€)

62.9

52.7

44.4

2020

2021

2022

Modernisation investments Repairs

Financial occupancy rate (%)	The Group's loan distribution, 31 Dec 2022 (%)	Property portfolio by region, 31 December 2022
					1% 2%	(by fair value)	Oulu 2.7%
96.4	93.9			1%
92.0
					Bonds, 2,339 M€
					Loans from inancial institutions, 1,201 M€	Kuopio region 2.2%
					Interest subsidy loans, 27 M€
			33%
				Commercial papers, 31 M€	Jyväskylä 2.8%
					Other, 81 M€
					64%		Tampere region 8.0%
2020	2021	2022				Turku region 3.9%	Lahti 2.0%
						Other 2.3%	Helsinki region* 76.1%

• Helsinki region includes the following municipalities: Helsinki, Espoo,
  Vantaa, Kauniainen,­Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä,
  Nurmijärvi,­Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula and Vihti