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Kojamo plc Interim Report 1 January-31 March 2024
Kojamo plc Stock Exchange Release, 8 May 2024 at 2.00 p.m. EEST
HELSINKI, May 8, 2024 /PRNewswire/ — Total revenue and net rental income increased, no significant value changes in the investment properties
This is a summary of the January–March Interim 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 Interim Report have not been audited.
Summary of January–March 2024
- Total revenue increased by 4.7 per cent to EUR 113.3 (108.2) million.
- Net rental income increased by 1.9 per cent to EUR 60.6 (59.5) million. Net rental income was 53.5 (55.0) per cent of total revenue.
- Result before taxes was EUR 39.3 (24.0) million. The result includes EUR 11.1 (-9.0) million in net result on the valuation of investment properties at fair value and EUR -0.9 (0.0) million in profit/loss from the sale of investment properties. Earnings per share was EUR 0.13 (0.08).
- Funds From Operations (FFO) decreased by 11.5 per cent to EUR 25.5 (28.8) million.
- The fair value of investment properties was EUR 8.1 (8.2) billion at the end of the review period, including EUR 0.0 (7.5) million in Investment properties held for sale.
- The financial occupancy rate was 92.4 (92.2) per cent for the review period.
- Gross investments amounted to EUR 8.4 (54.9) million, or 7.4 (50.8) per cent of total revenue.
- Equity per share was EUR 14.83 (15.22), and return on equity was 3.5 (2.0) per cent. Return on investment was 3.5 (2.3) per cent.
- EPRA NRV (Net Reinstatement Value) per share fell by 3.3 per cent to EUR 18.60 (19.23).
- There were 113 (1,485) Lumo apartments under construction at the end of the review period.
Kojamo owned 40,860 (39,550) rental apartments at the end of the review period. Since March of last year, Kojamo has acquired 0 (985) apartments, completed 1,372 (1,397) apartments, sold 73 (0) and demolished or otherwise altered 11 (0) apartments.
Key figures
|
1–3/2024 |
1–3/2023 |
Change % |
2023  |
|
|
Total revenue, M€ |
113.3 |
108.2 |
4.7 |
442.2 |
|
Net rental income, M€ * |
60.6 |
59.5 |
1.9 |
297.2 |
|
Net rental income margin, % * |
53.5 |
55.0 |
67.2 |
|
|
Profit/loss before taxes, M€ * |
39.3 |
24.0 |
63.7 |
-112.3 |
|
EBITDA, M€ * |
62.1 |
41.0 |
51.5 |
-39.9 |
|
EBITDA margin, % * |
54.8 |
37.9 |
-9.0 |
|
|
Adjusted EBITDA, M€ * |
51.9 |
49.9 |
3.9 |
255.1 |
|
Adjusted EBITDA margin, % * |
45.8 |
46.1 |
57.7 |
|
|
Funds From Operations (FFO), M€ * |
25.5 |
28.8 |
-11.5 |
167.2 |
|
FFO margin, % * |
22.5 |
26.6 |
37.8 |
|
|
FFO excluding non-recurring costs, M€ * |
25.5 |
28.8 |
-11.5 |
167.2 |
|
Investment properties, M€ ¹⁾ |
8,058.9 |
8,197.0 |
-1.7 |
8,038.8 |
|
Financial occupancy rate, % |
92.4 |
92.2 |
93.0 |
|
|
Interest-bearing liabilities, M€ *²⁾ |
3,676.0 |
3,637.8 |
1.1 |
3,600.4 |
|
Return on equity (ROE), % * |
3.5 |
2.0 |
-2.4 |
|
|
Return on investment (ROI), % * |
3.5 |
2.3 |
-0.4 |
|
|
Equity ratio, % * |
44.3 |
44.5 |
44.5 |
|
|
Loan to Value (LTV), % * ³⁾ |
44.5 |
42.9 |
44.6 |
|
|
EPRA Net Reinstatement Value (NRV), M€ |
4,597.2 |
4,752.5 |
-3.3 |
4,558.8 |
|
Gross investments, M€ * |
8.4 |
54.9 |
-84.7 |
190.7 |
|
Number of personnel, end of the period |
281 |
309 |
288 |
|
|
Key figures per share, € |
1–3/2024 |
1–3/2023 |
Change % |
2023 |
|
FFO per share * |
0.10 |
0.12 |
-16.7 |
0.68 |
|
Earnings per share |
0.13 |
0.08 |
62.5 |
-0.36 |
|
EPRA NRV per share |
18.60 |
19.23 |
3.3 |
18.45 |
|
Equity per share |
14.83 |
15.22 |
-2.6 |
14.67 |
|
* In accordance with the guidelines issued by the European Securities and Markets Authority (ESMA), Kojamo provides an account of the |
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|
Alternative Performance Measures used by the Group in the Key figures, the formulas used in their calculation, and reconciliation |
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|
calculations in accordance with ESMA guidelines section of the Interim Report |
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¹⁾ Including non-current assets held for sale |
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|
²⁾ Excluding liabilities related to non-current assets held for sale |
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|
³⁾ Excluding non-current assets held for sale and liabilities related to non-current assets held for sale |
||||
Outlook for Kojamo in 2024 specified
Kojamo estimates that in 2024, the Group’s total revenue will increase by 4–7 per cent (previously 4–8 per cent) year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2024 will amount to between EUR 152–164 million, excluding non-recurring costs (previously EUR 154–166 million).
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
Total revenue and net rental income as well as profit before taxes increased in the first quarter of the year. FFO decreased compared to the comparison period particularly due to the increase in financial expenses and maintenance costs resulting from the cold winter. The fair value of the investment properties did not change significantly during the review period. Our financial position is strong, and our liquidity is good.
Our occupancy rate slightly improved from the comparison period, and tenant turnover remained at last year’s level. The usual seasonal variation was visible in renting during the winter months, and the occupancy rate was lower than at the turn of the year. The balancing of demand and supply is still in progress. Although the number of new start-ups has been exceptionally low already for a couple of years, a large number of previously started properties were completed to the market. Therefore, the supply of rental apartments is still plentiful. After the completion of the ongoing projects in the market, the decrease in housing supply is expected to begin, and no new supply will be completed to a significant extent in the next two years. This is estimated to lead to a considerable decrease in the supply of rental apartments. In the end of the review period, we had only one ongoing development project, from which 113 Lumo homes will be completed by the end of June. At the beginning of the year, we have made higher rent increases than in recent years, and as the supply will turn to decline, the possibilities for rent increases are expected to improve further.
The saving programme we started last fall is progressing according to the plan. The personnel layoffs have been realized, and we have reduced our investments substantially, limiting ourselves to the completion of previously started development projects and modernization investments as well as repairs that support renting. The past winter was cold, and there was a lot of snow which, together with the larger property portfolio, increased the maintenance costs at the beginning of the year. In terms of administrative and marketing expenses, the savings have been realized as planned.
We successfully took the new ERP system into use during the first quarter of the year. The project was an extensive effort, and the implementation involved personnel throughout the organization for more than a year. The new system enables the further development of efficiency and processes as well as increasing the benefits of digitalization.
With the saving programme and the financial arrangements made, the loans maturing in 2024 and 2025 are covered. In January, we issued a EUR 200 million unsecured bond as a private placement. This was the first sizable euro-denominated bond issuance by a residential real estate company since 2022. In addition, at the end of March, we made secured EUR 250 million bank financing with our three relationship banks.
Jani Nieminen
CEO
News conference as a webcast
Kojamo will hold a news conference for institutional investors, analysts and media on 8 May 2024 at 3.00 p.m. EEST at the company’s head office at Mannerheimintie 168A, Helsinki. The event 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/q1-2024.
A recording of the webcast will be available later at the company’s 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/
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https://news.cision.com/kojamo-oyj/r/kojamo-plc-interim-report-1-january-31-march-2024,c3975841
The following files are available for download:
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Kojamo Interim report 1 January – 31 March 2024 |
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https://mb.cision.com/Public/18367/3975841/92da0d109f33ea74.pdf |
Kojamo Interim report 1 January – 31 March 2024 presentation |
View original content:https://www.prnewswire.co.uk/news-releases/kojamo-plc-interim-report-1-january31-march-2024-302139698.html
HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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View original content:https://www.prnewswire.co.uk/news-releases/stake-and-earn-with-kucoins-innovative-gempool-platform-302216471.html
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Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning
DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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