Kojamo plc Half-Year Financial Report 1 January-30 June 2024

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Kojamo plc Stock Exchange Release, 15 August 2024 at 8.00 a.m. EEST

HELSINKI, Aug. 15, 2024 /PRNewswire/ -- Total revenue and net rental income increased, renting was impacted by the continued abundant supply on the market

This is a summary of the January–June Half-Year Financial Report, which is in its entirety attached to this release and can be downloaded from the company's website at www.kojamo.fi/investors.

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. The figures in this Half-Year Financial Report have not been audited.

Summary of April–June 2024

  • Total revenue increased by 3.1 per cent to EUR 112.3 (108.9) million

  • Net rental income increased by 3.9 per cent totalling EUR 82.1 (79.0) million. Net rental income represented 73.1 (72.6) per cent of total revenue

  • Result before taxes was EUR -104.3 (71.7) million. The result includes EUR -149.9 (14.0) million net result on the valuation of investment properties at fair value. Earnings per share was EUR -0.34 (0.23)

  • Funds From Operations (FFO) decreased by 17.4 per cent and amounted to EUR 42.7 (51.7) million

  • Gross investments totalled EUR 10.9 (61.3) million, representing 9.7 (56.3) per cent of total revenue

Summary of January–June 2024

  • Total revenue increased by 3.9 per cent to EUR 225.6 (217.1) million.

  • Net rental income increased by 3.0 per cent to EUR 142.7 (138.5) million. Net rental income was 63.3 (63.8) per cent of total revenue.

  • Result before taxes was EUR -65.0 (95.7) million. The result includes EUR -138.8 (5.1) million net result on the valuation of investment properties at fair value and EUR -0.8 (-0.1) million in profit/loss from the sale of investment properties. Earnings per share was EUR -0.21 (0.31).

  • Funds From Operations (FFO) decreased by 15.3 per cent to EUR 68.2 (80.5) million.

  • The fair value of investment properties was EUR 7.9 (8.3) billion at the end of the review period, including EUR 1.3 (0.0) million in Investment properties held for sale.

  • The financial occupancy rate was 91.7 (92.2) per cent for the review period.

  • Gross investments amounted to EUR 19.3 (116.3) million, representing 8.6 (53.5) per cent of total revenue.

  • Equity per share was EUR 14.50 (15.46), and return on equity was -2.9 (4.0) per cent. Return on investment was -0.2 (3.6) per cent.

  • EPRA NRV (Net Reinstatement Value) per share fell by 6.9 per cent to EUR 18.16 (19.50).

  • There were 0 (1,152) Lumo apartments under construction at the end of the review period.

Kojamo owned 40,973 (39,819) rental apartments at the end of the review period. Since June of last year, Kojamo has completed 1,152 (1,216) apartments, sold 0 (73) and demolished or otherwise altered 2 (9) apartments.