Half Year 2024 Kojamo Oyj Earnings Call Transcript
Key Points
- Total revenue increased by 3.9% to EUR225.6 million, driven by completed apartments.
- Net rental income rose by 3% to EUR142.7 million.
- The saving program is progressing as planned, with no surprises.
- Balance sheet remains strong, with all maturing loans for 2024 and 2025 already covered.
- Commitment to sustainability, with significant progress towards carbon neutrality by 2030.
- Financial occupancy rate decreased due to market oversupply and seasonality.
- Funds from operations (FFO) decreased due to higher finance and maintenance expenses.
- Harsh winter conditions led to increased heating and water costs, impacting maintenance expenses.
- Fair value of investment properties decreased by EUR138.5 million due to changes in yield requirements.
- Intense market competition and oversupply have kept rent increases minimal.
Good morning, and welcome. This Kojamo Oyj half year results news conference. I am Niina Saarto from Investor Relations. Today, I have with me, CEO, Jani Nieminen; and CFO, Erik Hjelt. They will shortly present the first six months figures and the outlook for the whole year. Also Jani will tell us about the market situation.
(Event Instructions) Now it's time for the presentation. Jani, welcome.
Thank you, Niina, and good morning, everybody. We will provide today of course, color on the operational environment, then on the key financial figures, and then a more detailed color on the financial development by our CFO, Erik Hjelt, and then of course, go through the outlook and the financial targets at the end. So I will start by covering the operational environment. And then the key figures.
As a summary is, as I think about what's been going on during the first six months this year, we have been able to increase the
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