Fintech PR
KOJAMO PLC’S FINANCIAL STATEMENTS RELEASE 1 JANUARY-31 DECEMBER 2023
HELSINKI, Finland, Feb. 15, 2024 /PRNewswire/ — Kojamo plc’s Financial Statements Release 1 January–31 December 2023
Total revenue and FFO increased in 2023 in a challenging operating environment
This is a summary of the 2023 Financial Statements Release, 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 information in the Financial Statements Release is based on the Kojamo plc’s audited Financial Statements for the year 2023. The quarterly figures are unaudited.
Summary of October–December 2023
- Total revenue increased by 5.2 per cent to EUR 113.5 (107.9) million.
- The financial occupancy rate increased to 94.0 (93.0) per cent in the last quarter.
- Net rental income increased by 4.3 per cent totalling EUR 75.5 (72.4) million. Net rental income represented 66.5 (67.1) per cent of revenue.
- Result before taxes was EUR -119.5 (-748.3) million. The result includes EUR -158.7 (-792.8) million in net result on the valuation of investment properties at fair value. Earnings per share was EUR -0.38 (-2.42).
- Funds From Operations (FFO) decreased by 6.0 per cent and amounted to EUR 38.3 (40.7) million.
- Gross investments totalled EUR 29.5 (85.1) million, representing 26.0 (78.9) per cent of total revenue.
Summary of January–December 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 investment 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, representing 43.1 (121.4) per cent of total revenue.
- Equity per share was EUR 14.67 (15.55) and return on equity 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 dividend 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) apartments, completed 1,450 (1,348) apartments, sold 73 (0) apartments and demolished or otherwise altered 11 (1) apartments.
Key figures
|
10–12/2023 |
10–12/2022 |
Change % |
2023  |
2022 |
Change % |
|
|
Total revenue, M€ |
113.5 |
107.9 |
5.2 |
442.2 |
413.3 |
7.0 |
|
Net rental income, M€ * |
75.5 |
72.4 |
4.3 |
297.2 |
280.1 |
6.1 |
|
Net rental income margin, % * |
66.5 |
67.1 |
67.2 |
67.8 |
||
|
Profit/loss before taxes, M€ * |
-119.5 |
-748.3 |
84.0 |
-112.3 |
-499.8 |
77.5 |
|
EBITDA, M€ * |
-94.8 |
-732.3 |
87.1 |
-39.9 |
-441.3 |
91.0 |
|
EBITDA margin, % * |
-83.5 |
-678.7 |
-9.0 |
-106.8 |
||
|
Adjusted EBITDA, M€ * |
63.3 |
60.6 |
4.5 |
255.1 |
240.4 |
6.1 |
|
Adjusted EBITDA margin, % * |
55.8 |
56.2 |
57.7 |
58.2 |
||
|
Funds From Operations (FFO), M€ * |
38.3 |
40.7 |
-6.0 |
167.2 |
160.7 |
4.1 |
|
FFO margin, % * |
33.7 |
37.8 |
37.8 |
38.9 |
||
|
FFO excluding non-recurring costs, M€ * |
38.3 |
40.7 |
-6.0 |
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€ * |
29.5 |
85.1 |
-65.4 |
190.7 |
501.6 |
-62.0 |
|
Number of personnel, end of the period |
288 |
304 |
||||
|
Key figures per share, € |
10–12/2023 |
10–12/2022 |
Change % |
2023 |
2022 |
Change % |
|
FFO per share * |
0.15 |
0.16 |
-6.3 |
0.68 |
0.65 |
4.6 |
|
Earnings per share |
-0.38 |
-2.42 |
84.3 |
-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 Alternative Performance Measures used by the Group in the Key figures, the formulas used in their calculation, and reconciliation calculations in accordance with ESMA guidelines section of the Financial Statements |
||||||
|
¹⁾ 2023: The Board of Directors proposes to the Annual General Meeting that no dividend be paid for 2023 |
||||||
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 estimates 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 total revenue, property maintenance costs and repairs, administrative expenses, financial expenses, taxes to be paid and new development to be completed, as well as the management’s view on future developments in the operating environment.
The outlook takes into account the estimated occupancy rate and rises in rents as well as the number of apartments to be completed. The outlook does not take into account the impact of potential acquisitions or disposals on total revenue and FFO.
The management can influence total revenue and FFO through the company’s business operations. In contrast, the management has no influence over market trends, the regulatory environment or the competitive landscape.
CEO’s review
We achieved a good result last year in a very challenging market. Total revenue, net rental income and FFO increased, and our financial position has remained strong.
Although there was still a lot of supply in the rental market, we managed to improve our occupancy rate from previous year. Urbanisation continued stronger, which boosted demand. Population growth accelerated last year in the so-called growth triangle, meaning the capital region, Tampere and Turku. According to the latest forecasts, urbanisation will continue to be strong. In addition, the increased immigration in recent years will advance urbanisation. There has been oversupply in the rental market due to the high level of construction in recent years. While this still affected the recovery of the occupancy rate, the market situation is expected to become more balanced as new supply decreases significantly. The number of new housing start-ups plummeted to a record low last year, and for the moment, there are no signs suggesting that the number of new housing start-ups will begin to increase. The slowdown of construction and the simultaneous acceleration of population growth will likely be reflected in improved occupancy rates as well as higher rent increases.
The fair value of our investment properties decreased by 1.9 per cent in the year-end valuation. Last year, there were no significant comparable transactions in the transaction market, so the increase in yield requirements was based on an overall evaluation. The valuation was positively impacted by increased cash flows and the growth assumptions of future rents and expenses.
We launched a saving programme in the early autumn because we want to maintain investment grade credit rating and to ensure the company’s strong financial position. The saving programme has progressed as planned, and we have not started new investments. In relation to the personnel costs, we renewed organization in the autumn to make our operations more efficient. The lay-offs are being implemented in stages after the end of the change negotiations, and most of the personnel cost savings as well as other cost impacts and the dividend decision will be visible in 2024. In December, Moody’s affirmed our Baa2 credit rating.
We successfully made significant financing arrangements despite the uncertainty in the financial market. During the year, we signed loan agreements totalling EUR 925 million with Nordic banks. These arrangements enabled us to refinance the loans that matured during last year, and they also cover our loans maturing in 2024. This is proof of the strength of our banking relationships as well as the significance of the saving measures we have taken. Our company has taken a long-term approach in terms of financing, and it has always been important to us to maintain access to diverse sources of funding. For several years now, we have also hedged most of our loans to fixed-rate loans. The high hedging ratio reduced the impact of the increased interest rates last year, and our financial key figures have remained strong. The next financing arrangements will target loans maturing in 2025. Thus, after the review period, in January, we issued EUR 200 million bond as a private placement. Our liquidity position is good.
Our investments last year amounted to EUR 190.7 million with the continuation of the development projects started in the previous years. Last year, we completed a total of 1,450 apartments, one of which was our conversion project on Bulevardi. We built 77 premium rental apartments in the previous chemistry laboratory and teaching facilities of the historical Helsinki University of Technology. Our housing portfolio grew to 40,619 apartments. We had 354 apartments under construction at the turn of the year, and these last ongoing projects will be completed in early 2024.
The customer experience has always been a key part of our strategy. At the end of the year, the net promoter score (NPS) of our customers was 50, representing a five-point improvement compared to the previous year. During the year, we developed the My Lumo service on the basis of our residents’ wishes. The changes were based on a resident survey and usability testing, and their aim was to improve customer satisfaction and retention, as well as to reduce the number of customer service contacts.
Last year was highly exceptional in terms of the operating environment. We again demonstrated our strength and capacity for both anticipation and renewal in the face of the changes around us. With that in mind, I want to take this opportunity to thank everyone at Kojamo for their excellent work. I also wish to thank all of our customers, partners and shareholders for their trust in the company.
Jani Nieminen
CEO
News conference and webcast
Kojamo will hold a news conference for institutional investors, analysts and media on 15 February 2024 at 10.00 a.m. EET at the company’s head office at Mannerheimintie 168A, Helsinki. The event will be hosted by Kojamo’s CEO Jani Nieminen and CFO Erik Hjelt, and it will be held in English. After the event, the media has a possibility to ask questions also in Finnish.
The event can also be followed as a live webcast through which it is possible to ask questions. No registration for the webcast in advance is needed. The event will be accessible at https://kojamo.videosync.fi/q4-2023.
A recording of the webcast will be available later on the company website at https://kojamo.fi/en/investors/releases-and-publications/financial-reports/.
For more information, please contact:
Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, tel. +358 20 508 3283, [email protected]
Erik Hjelt, CFO, Kojamo plc, tel. +358 20 508 3225, [email protected]
Distribution:
Nasdaq Helsinki, Irish Stock Exchange, key media
Kojamo is Finland’s largest private residential real estate company and one of the biggest investors in Finland. Our mission is to create better urban housing. Lumo offers environmentally friendly housing and services for the city dweller who appreciates quality and effortlessness. We actively develop the value of our investment properties by developing new properties and our existing property portfolio. We want to be the property market frontrunner and the number one choice for our customers. Kojamo’s shares are listed on the official list of Nasdaq Helsinki. For more information, please visit https://kojamo.fi/en/
The following files are available for download:
|
Financial Statements Release 2023 |
|
|
https://mb.cision.com/Public/18367/3928856/be580f362b510e0a.pdf |
Kojamo Financial Statements 2023 presentation |
View original content:https://www.prnewswire.co.uk/news-releases/kojamo-plcs-financial-statements-release-1-january31-december-2023-302062670.html
Fintech PR
Bybit Pledges RMB 5 Million to Support Relief Efforts Following Devastating Tibet Earthquake
DUBAI, UAE, Jan. 16, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is deeply saddened by the devastating earthquake that struck Tibet earlier this week, leaving a trail of destruction and heartache.
The tragedy has claimed at least 126 lives, injured 188 people, and displaced tens of thousands as over 3,000 buildings collapsed in the remote region near the northern base of Mount Everest. In response, Bybit is committing RMB 5 million in collaboration with the Red Cross Society of China (RCSC) to support critical relief and recovery efforts in the affected communities.
The 7.1-magnitude earthquake, which struck on January 7, has caused widespread devastation, with extreme winter conditions complicating rescue operations. More than 14,000 rescue workers have been mobilized to search for survivors amid sub-zero temperatures and strong winds, highlighting the urgent need for immediate aid.
“As a responsible global leader in the blockchain industry, Bybit is committed to standing with communities in their time of need,” said Helen Liu, Chief Operating Officer at Bybit. “Our thoughts are with the survivors, the rescue teams, and the families affected by this tragic event. We hope our contribution will help provide much-needed relief and support the road to recovery.”
The donation will be directed towards essential services, including emergency shelter, medical supplies, and food aid, as well as long-term rehabilitation efforts. Bybit is proud to partner with RCSC to ensure swift and impactful assistance to those in need.
At Bybit, we firmly believe in the power of compassion and collaboration. This contribution reflects our commitment to fostering resilience and hope in the face of adversity.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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EDEN ISLAND, Seychelles, Jan. 16, 2025 /PRNewswire/ — Seekapa, a standout name in global trading companies, has unveiled a major enhancement to its offerings, now providing access to over 600 tradable assets. This expansion spans a wide array of asset classes, including stocks, cryptocurrencies, forex pairs, commodities, and indices, reinforcing its reputation as a one-stop destination for those seeking diversity and innovation.
Nick Zander, Seekapa spokesperson, highlighted the significance of this development: “Our mission is to empower members by offering them access to a diverse range of high-quality assets,” he said. “This latest expansion opens doors to greater opportunities, enabling users to diversify their portfolios and capitalize on new market trends effectively.”
A Good Way to Diversify Trading
The addition of these new assets is a direct reflection of Seekapa’s dedication to staying at the forefront of industry trends. Traders now have the opportunity to explore and invest in emerging sectors alongside traditional financial instruments. This expansion fosters greater diversification, allowing customers to capitalize on a variety of market conditions. The intuitive, user-friendly platform combined with powerful analytics tools offers a seamless experience for traders at all levels, ensuring they can make informed, strategic decisions regardless of market volatility.
Zander noted, “In an ever-changing financial landscape, staying ahead of the curve is essential. By expanding our offerings, we’re not just meeting the needs of our current users, we’re empowering them to stay competitive, well-informed, and adaptable to shifts in the market.”
Seekapa’s enhanced portfolio is part of a broader strategy to solidify its position as the go-to platform for global clients. The platform’s commitment to security, education, and user experience drives its ongoing efforts to redefine how traders engage with the market. As a result, the brand continues to set new industry benchmarks, providing unparalleled access and innovative solutions for users across the globe.
About Seekapa
Since its inception, Seekapa has emerged as a trailblazer in the trading industry, continuously pushing boundaries in the foreign exchange market. With a steadfast commitment to innovation, the firm has consistently developed and enhanced its products, services, and trading software to meet the evolving needs of traders worldwide.
By setting new benchmarks and redefining the trading experience, the broker remains dedicated to empowering its users with cutting-edge solutions and unmatched opportunities. As a leader in the industry, Seekapa continues to shape the future of trading through excellence and innovation.
Website: https://seekapa.com
View original content:https://www.prnewswire.co.uk/news-releases/seekapa-expands-portfolio-to-over-600-tradable-assets-302353354.html
MIAMI, Jan. 16, 2025 /PRNewswire/ — The financial services sector is witnessing a surge in demand for virtual bookkeeping expertise as businesses grapple with a persistent talent shortage in accounting. This trend is driven by businesses seeking solutions to a persistent talent gap in the accounting sector, as many organizations face challenges in finding qualified professionals to meet their financial needs.
The need for skilled virtual bookkeepers is surging globally, driven by increasingly complex financial landscapes and technological advancements. Businesses are increasingly seeking advanced expertise, with New York leading the way in adopting innovative solutions to meet the growing demand for skilled financial professionals.
Virtual bookkeeping in New York is stepping in to fill this talent gap by leveraging advanced technology and providing access to skilled financial professionals. As businesses face ongoing challenges in recruiting qualified accountants, these services offer a reliable and efficient solution to maintain financial accuracy and support sustained growth.
Book your 30-minute free consultation today and discover how virtual bookkeeper can simplify your business finances-https://www.ibntech.com/free-consultation/?pr=prnewswire
Industry Challenges
The growing reliance on virtual bookkeepers highlights the increasing demand for skilled professionals in major markets like New York. Businesses are navigating challenges such as financial inaccuracies, compliance risks, and delays in critical operations like payroll and tax filings. In 2025, the focus has shifted toward continuous professional development for bookkeepers, enabling them to adapt to evolving industry requirements and deliver efficient financial solutions.
Technology as a Solution
Cloud-based platforms, automation, and data analytics are becoming essential tools as businesses adopt innovative technology to address these challenges. These technological advancements are reshaping how virtual bookkeepers operate, with key metrics like accuracy and responsiveness now guiding service evaluations.
A Strategic Asset for Business Growth
Bookkeeping has transformed into a key strategic function, with professionals now tasked with providing actionable insights into cash flow management, financial forecasting, and long-term business growth strategies.
“Virtual bookkeeping has shifted from a support function to a critical strategic asset,” noted Mehta. “Today’s bookkeepers drive financial agility and resilience, enabling businesses to thrive in a rapidly changing environment.”
Demand for Virtual Bookkeepers Soars in New York
New York is seeing a growing demand for virtual bookkeepers as businesses increasingly turn to technology-driven solutions for efficient financial management. This growing scarcity has raised concerns about financial accuracy, compliance risks, and delays in crucial tasks like payroll and tax filings. To address these challenges, businesses are increasingly turning to advanced outsourcing solutions.
Companies like IBN Technologies are helping businesses navigate these complexities by providing highly skilled accounting and bookkeeping services that ensure financial accuracy, regulatory compliance, and timely reporting.
“To stay competitive in 2025, virtual bookkeepers in New York and elsewhere will need to continuously upskill and adapt to the latest technological developments,” said Ajay Mehta, CEO IBN Technologies. ” This is crucial for responding to the evolving demands of the industry and improving client value.”
Setting the Stage for Success in 2025
The growing need for specialized virtual bookkeeping services is reshaping how businesses manage their finances. Companies are looking to virtual bookkeepers not just to manage their day-to-day operations, but to provide crucial insights and drive long-term strategic growth. With technology playing an increasingly important role in bookkeeping services, the industry is poised for continued innovation and transformation in the coming years.
As businesses seek to navigate complex financial landscapes and ensure compliance with ever-evolving regulations, the expertise of skilled virtual bookkeepers will be crucial in helping them achieve financial agility and operational success.
About IBN Technologies
IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.
Contact Details:
Pradip
[email protected]
+1 – 844 – 644 – 8440
USA:
IBN Technologies LLC
66 West Flagler Street Suite 900 Miami, FL 33130
India: Global Delivery Centre
IBN Technologies Limited
Kohinoor House, 2nd floor,
691/A/1B, Plot no. 7,
Bibwewadi Road, Pune-411037
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