Kojamo Oyj

Quarterly Report • Aug 20, 2020

20 August 2020 Jani Nieminen, CEO Erik Hjelt, CFO

Half-Year Report 1–6/2020

Kojamo plc

• Summary of January–June 2020
• Financial development
• Outlook, financial targets and dividend policy

Summary of January–June 2020

Kojamo plc's Half-Year Report January–June 2020 3

Impact of COVID-19 pandemic on Kojamo's operations

• The current situation in Finland is relatively good
  • Restrictions have been mainly removed
  • Anticipation of the second wave has begun
• The impact of the pandemic on Kojamo has been limited
  • Our operations have continued almost without disturbance
  • Liquidity is on a good level and we have been able to make new financing arrangements
  • Pandemic has had an impact on the housing market and the operating environment, and the supply of rental apartments in the market has temporarily increased

Operating environment

General operating environment

• Finland's GDP has significantly decreased, but the economy has started recovering at the second half of the year as the restrictions have began to be lifted
• The future development of the economy is affected especially by the potential second wave of the pandemic and recovery of Finland's key export markets
• The impacts of the pandemic are expected to be short-lived and urbanisation is expected to continue

Population forecast 2019

Business environment key figures

Population growth forecast 2019–2030

Kojamo plc's Half-Year Report January–June 2020

* Helsinki, Espoo, Kauniainen, Vantaa, ** Capital region, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula, Vihti Sources: General operating environment, Business environment key figures: Ministry of Finance, Economic Survey 6/2020; Population growth forecast: Statistics Finland,

5

Operating environment

Industry operating environment

• The pandemic has increased the slowing down of housing start-ups and the housing production is expected to be below the annual demand for housing in 2020 and 2021
• Housing trade has slowed down, as the increased uncertainty makes people postpone their plans to buy a home
• The supply in the long-term leasing market has increased as due to the restrictions on travel, apartments intended for short-term rental have been switched to long-term leases

Industry key	figures	2020E	2019
Residential	start-ups, units	28,000	38,700
	Building permits granted, annual*, units	35,479	40,281
Construction costs, change	%	n/a	1.0
Prices of old dwellings country, change, %	in the whole	1.0	1.2
Prices of old dwellings region, change, %	in the capital	1.0–3.1	0.5–3.4
Rents of non-subsidised the whole	rental dwellings in country, change, %	1.6	1.4
Rents of non-subsidised the capital region, change, %	rental dwellings in	1.6–1.8	1.6–2.0

6

* Rolling 12 months, May 2020

Kojamo plc's Half-Year Report January–June 2020

Sources: Industry operating environment: Ministry of Finance, Economic Survey 6/2020; Industry key figures: PTT, Statistics Finland: Building and dwelling production 2020, May, Confederation of Finnish Construction Industries RT's business survey spring 2020; Housing production need: VTT, Need for housing 2020-2040

Operating environment

Pandemic does not have a long-term impact on the rental market

• In a longer term, migration keeps the demand for rental apartments especially close to good connections high. The significance of location and services is highlighted in people's housing needs
• People are increasingly attracted by the freedom provided by rental housing, which supports the development of the market for a long time
• In Helsinki there are more rental households than owner-occupied, in the coming years in Tampere and Turku as well. This is a strong sign of acceleration of urbanisation and changes in living preferences as well
• Corona virus pandemic has slowed down housing trade and uncertainty increases the popularity for rental apartments

7

Kojamo plc's Half-Year Report January–June 2020

* Helsinki, Espoo, Kauniainen, Vantaa, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula, Vihti Sources: The popularity of rental housing increases: MDI's population forecast 2040 and Pellervo Economic Research PTT, Housing markets 2020 forecast; Development of household sizes and rental household-dwelling units: Statistics Finland, Dwellings and housing conditions 2018

Of the		portfolio's	fair	value		98.8 % in the	seven
largest Finnish growth centres Apartment distribution, %
Region	Number of apart ments, units	Number of commercial premises and other leased premises, units	Fair value, (EUR million)	Fair value (EUR thousand / unit)	Fair value (EUR / sqm)	Financial occupancy rate, %3)	2.3% 4.0% 4.7% 5.0% 6.3% 5.4%	Helsinki region Tampere region Turku region
Helsinki region	20,719	315	4,395	209	3,713	96.6	13.9% 58.4%
Tampere region	4,934	126	623	123	2,385	96.1		Oulu
Turku region	1,904	17	216	113	1,969	97.4	Fair value distribution, %
Oulu	2,220	19	185	82	1,567	96.8		Jyväskylä
Jyväskylä	1,771	2	185	105	1,989	92.3	2.5% 1.2% 2.7%
Kuopio region	1,674	47	161	94	1,758	95.1	3.1% 3.1%	Kuopio region
Lahti region	1,436	4	148	103	1,832	95.8	3.6%	Lahti region
Others	816	20	71	85	1,515	95.0	10.4%
Total	35,474	550	5,9851)	166	3,015	96.3		Others
Others			5022)
Total portfolio	35,474	550	6,486			96.3	73.4%

Kojamo plc's Half-Year Report January–June 2020

1) The figures reflect income-generating portfolio assets, which excludes ongoing projects, plots owned by the company and ownership of certain assets through shares. 2) Fair value of ongoing projects, plots owned by the company and ownership of certain assets through shares and IFRS 16 right-of-use assets. 3) Financial occupancy rate does not include commercial premises and other leased premises.

8

	Key figures 1–6/2020
total revenue 190.5 M€ (184.6 M€, +3.2 %)	net rental 124.9	income M€ (117.7 M€, +6.2%)	funds from operations (FFO) 71.5 M€ (66.4 M€, +7.6%)
fair value of investment properties 6.5 Bn€	gross investments 179.0 M€	profit excluding changes in value 77.0	1) profit before taxes 125.2 M€ M€
(5.3 Bn€, +22.3%)	(96.6 M€,+85.3%)	(72.3 M€, +6.6%)	(124.8 M€, +0.3%)

Almost 2,400 apartments under construction

• During the review period, 18 (4) apartments were sold, 45 (99) acquired and 201 (383) completed
• During the period, construction of 1,265 (648) apartments was started

Development of apartment portfolio, units

Apartments under construction, units

2,380

+79.1%

Over 4,500 apartments in the production pipeline

• 2,380 apartments under construction
• Co-operation agreements on the construction of over 1,200 apartments
• Metropolia property development entity to bring even 1,000 apartments, as 7 former educational buildings will be converted into residential use

• Record-high number of Projects under construction

***Not including apartments that are part of Metropolia development project. Apartments that are a part of co-operation agreements, but have been started are listed as 'Under construction'

Our Digital Roadmap will guide us from today to year 2023 according to our strategy

• Kojamo is a frontrunner thanks to the direct rental in its webstore. Now we will focus on direct rental service as the main rental channel
• We will strengthen our position by digitalising the whole customer path combining urban living experience and services
• We will utilise technology and renew operating models in order to implement operative excellence
• Use of data will be central in change supporting leadership, operations and customer work

Customer experience and servitisation

Scalability of operations, employee experience

Digitalisation of properties and services

Knowledge-based management and AI

Enabling technology and IT architecture

13

Lumo builds customer experience in a new way

Services of a new customer Services during tenancy

Personal open house

• Pets are welcome Affordable security deposit Move and installation service
• Broadband included in rent
• Interior paints for free
• Key courier service

Kojamo's sustainability programme is proceeding

• We conducted a materiality analysis of sustainability in May–June 2020 as part of the development of our sustainability programme
  • The materiality analysis helps us ensure that our sustainability efforts are focused on the sustainability themes that are the most material with regard to our strategy, business operations and stakeholders
  • We will publish our sustainability programme during 2020
• During the summer 2020, we participated in the Global Real Estate Sustainability Benchmark (GRESB) survey for the first time

-7.5%

Target for intensifying energy consumption during 2017–2025, of which

73%*

reached

* = according to VAETS II programme, situation at the end of 2019

Financial development

Kojamo plc's Half-Year Report January–June 2020 16

Total revenue increased

• Total revenue increased mainly due to growth of property portfolio as well as Like-for-Like rental income growth

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

17

Net rental income and FFO increased

• The positive development of net rental income continued
• The growth was supported by the growth of apartment portfolio, Like-for-Like rental income growth and lower maintenance costs than in the comparison period

Changes in the total number of Kojamo shares have an impact on relative development of FFO per share. Per share key figures have been adjusted to reflect the impact of the decision by the Extraordinary General Meeting of Shareholders on 25 May 2018 regarding the share split. In the share split the shareholders received 30 new shares per each existing share 18

+7.6%

Kojamo plc's Half-Year Report January–June 2020

Occupancy rate on a good level despite of COVID-19 pandemic

• COVID-19 pandemic has temporarily had an impact on the increase of supply as well as migration
• After the review period, number of new agreements has increased significantly in July and in the beginning of August

Financial occupancy rate = (Rental income / potential rental income at full occupancy) x 100. Financial occupancy rate does not include apartments under renovation Tenant turnover = (terminated rental agreements under the period / number of apartments) x 100 The calculation method of tenant turnover has been changed, starting from 1 January 2017. The comparison data has not been modified to reflect the new calculation method

Kojamo plc's Half-Year Report January–June 2020

Strong success in investments

• We have started the construction of many new property development projects in central locations in the Helsinki region

The value of investments properties was EUR 6.5 billion

• The shift from transaction-based valuation technique to yield-based valuation technique as of 31 December 2019 significantly increased the fair value of the investment properties

Acquisition cost

• The fair value has developed positively during the review period

(at the end of the review period)

Fair value of investment properties, M€ 1)

Number of apartments by valuation classes (at the end of the review period)

Yield value (new technique)

1) Investment properties include completed apartments, development projects and land areas as well as investment properties held for sale

Kojamo plc's Half-Year Report January–June 2020

Plot and real estate development reserve 30 Jun 2020

	Apartments under construction	Binding preliminary agreements	Owned plots and develop ment projects1)	In total
Investment / actual costs incurred	282.1	-	154.6	436.7
Cost of completion	304.7	269.5	-	574.2
1,000 fl.sq.m.			192
Apartments	2,380	1,252	~3,0002)	~6,500

100% of plot and real estate development reserve is located in Helsinki region

Kojamo estimates that investments in development projects amount to approximately EUR 320–370 million in 2020

1) The management's estimate of the fair value, building rights of plots and number of apartments. 2) The management's estimate, currently approximately 300 apartments in existing residential buildings

Equity ratio and Loan to Value (LTV)

• Equity ratio and Loan to Value (LTV) strengthened significantly

23

EPRA NAV per share improved

• Key figures per share improved significantly
• According to EPRA's guidelines, we will adopt revised features of the Net Asset Valuation metrics in the 2020 financial statements

1) Key figures have been adjusted to reflect the impact of the decision by the Extraordinary General Meeting of Shareholders on 25 May, 2018 regarding the share split. In the share split the shareholders received 30 new shares per each existing share

Kojamo plc's Half-Year Report January–June 2020

Kojamo's liquidity on a good level

The issuance of EUR 500 million bond

• Kojamo has successfully issued a EUR 500 million bond under its EMTN programme on 27 May 2020
• The proceeds of the issuance of the Notes will be mainly applied by Kojamo for financing its growth

Maturity: 7 years Maturity date: 27 May 2027 Annual coupon: 1.875%

Situation as at 30 June 2020

EUR 449.2 million (139.1) Cash and cash equivalents

EUR 146.3 million (127.4) Liquid financial assets

EUR 109.9 million (50.0) of the EUR 250 million commercial paper programme was in use

Committed credit facilities of EUR 300 million and an uncommitted credit facility of EUR 5 million unused at the end of period

Versatile capital structure

Kojamo plc's Half-Year Report January–June 2020

26

Strategic targets 2020–2023

Key figure	Actual 1–6/2020	Strategic target
Annual growth of total revenue, %	3.2	4–5
Annual investments, M€	179.0	200–400
FFO/total revenue, %	37.5	> 36
Loan to Value (LTV), %	42.6	< 50
Equity ratio, %	43.3	> 40
Net Promoter Score (NPS)	37	40

Outlook, financial targets and dividend policy

Kojamo plc's Half-Year Report January–June 2020 28

Outlook for Kojamo in 2020 (specified)

Kojamo estimates that in 2020, the Group's total revenue will increase by 2–5 per cent year-on-year (previously 2–6 per cent). In addition, the company estimates that the Group's FFO for 2020 will amount to between EUR 146–158 million, excluding non-recurring costs.

The outlook takes into account the effects of the completed housing divestments and acquisitions, the estimated occupancy rate and rises in rents, as well as the number of apartments to be completed. The outlook is based on the management's assessment of total revenue, net rental income, 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.

Additionally, the outlook is based on strong demand sustained by migration, which will increase Like-for-Like rental income. 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.

Effects of the COVID-19 pandemic on Kojamo's outlook

Operations	The management expects the Group's operating activities to continue undisrupted for the most part • The webstore enables the renting of apartments to continue almost as normal • Rental receivables are not expected to grow significantly in the near future
Demand	The management estimates that the demand for rental apartments will remain strong going forward • The restrictions implemented in response to the pandemic may, in the short term, affect people's willingness to relocate as well as prevent migration • Economic uncertainty is expected to influence people's willingness to take housing loans, and increase the popularity of rental housing
Investments and growth	Kojamo will continue to implement its growth strategy • All development projects have progressed as planned thus far, however, challenges potentially faced by construction companies may result in delays to Kojamo's projects • Kojamo's management estimates that potential delays in projects will not have a material impact on the Group's total revenue and FFO for the year
Financing	Kojamo's financial position and liquidity are good. • Thanks to the Group's diverse financing structure, Kojamo has been able to carry out financing arrangements without disruptions

Dividend policy

Kojamo plc's Half-Year Report January–June 2020

Kojamo's objective is to be a stable dividend payer whose annual dividend payment will be at least 60 per cent of FFO, provided that the Group's equity ratio is 40 per cent or more and taking account of the company's financial position

62% 60% Dividend history

* Including extra dividend EUR 0.29 per share

Per share key figures have been adjusted to reflect the impact of the decision by the Extraordinary General Meeting of Shareholders on 25 May, 2018 regarding the share split. In the share split the shareholders received 30 new shares per each existing share.

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Summary

The first half of the year was strong and total revenue, net rental income and FFO increased

Strong progress in property development investments, and recordhigh number of apartments under construction

We are in a good position to continue our operations and growth despite of COVID-19 pandemic

Thank you!

Contact details:

CEO Jani Nieminen, tel. +358 20 508 3201

CFO Erik Hjelt, tel. +358 20 508 3225

Manager, Investor Relations Maija Hongas, tel. +358 20 508 3004

www.kojamo.fi

Interim Report for January– September 2020 to be published on 5 November 2020

Kojamo's Capital Markets Day will be postponed until spring 2021

We arrange a virtual Investors' Day on 2 Dec 2020

More information to follow

Kojamo plc's Half-Year Report January–June 2020

Appendix

Kojamo plc's Half-Year Report January–June 2020 34

Change in the valuation technique of investment properties as at 31 December 2019

Change	Kojamo shifted from a transaction-based valuation technique to a yield-based valuation technique in the valuation of its investment properties
Rationale	The change in the valuation technique will make the company more comparable with its relevant international peer group
External valuation partner	Jones Lang LaSalle Finland Oy (JLL)
Entry into force	The new valuation technique was implemented on 31 December 2019. The change is a change in accounting estimates by nature, and it will not be applied retrospectively
Description of the technique	The new valuation technique is based on 10-year discounted cash flow (DCF) calculations. The discount rate is the 10-year cash flow yield requirement plus inflation. The weighted yield requirements used are the following: • Capital region 3.84% • Other regions of Finland 5.05% • Group total 4.25% JLL has given a statement about Kojamo's valuation, and the fair value of the investment properties under the

assessment corresponds this statements

New strategy period 2020–2023

• Our strategy has proved to be strong, and we will continue to implement it going forward
• The Board of Directors has approved updated strategic targets and focal points for 2020–2023
• We seek strong growth with optimised financing structure and profitable business through industry-leading operating models. We have the capacity to pursue growth with a multi-channel approach and quickly react to opportunities. We invest strongly in servitisation and take advantage of solutions enabled by digitalisation

Strategic focal points 2020–2023

Delivering the best customer experience

We offer easy and effortless services for our customers and create added value through services

Strong growth

We seek profitable growth with multichannel approach and optimised financing structure

Operational excellence

We create competitiveness and profitability through industry-leading operating models

Responsibility and sustainable development

Responsibility is a part of our DNA and plays important role in the work of everyone at Kojamo

The most competent personnel and a dynamic place to work

We are known for dynamic and effective corporate culture. We ensure our future competitiveness through competence development and employee experience

Renewal through digital solutions

We improve our business and create added value to our customers by taking advantage of solutions enabled by digitalisation

Our corporate responsibility is reflected in our mission of creating better urban housing

• Responsibility and sustainable development is one of Kojamo's strategic focal points
• We conducted a materiality analysis of sustainability in spring 2020. The results of the materiality analysis provide the foundation for our sustainability programme, which will be published during 2020
• We participated in the Global Real Estate Sustainability Benchmark (GRESB) survey for the first time in 2020
• Our sustainability report on the year 2019 marked the first time that we have applied the Global Reporting Initiative (GRI) framework and the EPRA (European Public Real Estate Association) Sustainability Best Practices Recommendations

ENVIRONMENT Responsibility and sustainable development

CUSTOMERS Delivering the best customer experience

PERSONNEL The most competent personnel and a dynamic place to work

ECONOMIC RESPONSIBILITY A responsible corporate citizen

Strong growth | Operational excellence | Renewal through digital solutions

Sustainability is visible in our every day life

Anti-grey economy models exceed legislative

requirements

Finland's most inspiring places to work recognition for the third consecutive year

90 EUR million tax footprint

4,951 years, indirect employment effect

0 data protection violations or deviations

93.7 TR index on a high level

All figures represent the situation at the end of 2019 except for nearly zero-energy construction figures that

* = In line with VAETS II programme, at the end of 2019

represent the end of period.

75%

Personnel satisfaction index on a high level (control group: 68%)

Kojamo plc's Half-Year Report January–June 2020 40

-7.5% Our goal to intensify energy consumption during 2017–2025, of

which we have achieved 73%*

100%

of Kojamo's premises are WWF Green Office certified

Shared cars in use of Lumo tenants

Hydropowercertified property electricity at 100% of properties

1,936 completed,

2,042 under construction, nearly zero-energy apartments

29,000 apartments' indoor temperature controlled by IoT solution (80%)

-1.2% specific water consumption (l/m³ )

-1.4% energy consumption index (kWh/m³ )

-1.2%

total energy consumption in properties (kWh/m³ )

-1.0% waste (kg/ apartment)

Kojamo's ten largest shareholders (as at 30 June 2020)

	Shareholder	Number of shares	% of shares
	Nominee-registered and direct foreign shareholders	87,751,533	35.5
1.	Ilmarinen Mutual Pension Insurance Company	28,037,814	11.3
2.	Varma Mutual Pension Insurance Company	26,862,375	10.9
3.	The Finnish Industrial Union	25,311,700	10.2
4.	Trade Union of Education in Finland	15,081,498	6.1
5.	Trade Union for the Public and Welfare Sectors	12,400,000	5.0
6.	Finnish Construction Trade Union	10,208,609	4.1
7.	Trade Union PRO	8,560,270	3.5
8.	Service Union United PAM	7,400,000	3.0
9.	Elo Mutual Pension Insurance Company	2,731,113	1.1
10.	Åbo Akademi University Foundation	2,198,763	0.9
	Other Finnish shareholders	21,849,873	8.8
	Total	247,144,399	100.0

3,875 4,354 5,197 6,506 7,185 26.2 % 26.7 % 32.3 % 34.1 % 35.5 % 30 Jun 2019 30 Sep 2019 31 Dec 2019 31 Mar 2020 30 Jun 2020 Number of shareholders Share of nominee-registered and direct foreign ownership, % Development of the number of the shareholders

Other shareholders exceeding flagging thresholds

Shareholder	Transaction announced	Threshold	Ownership according to flagging
Stichting PGGM Depositary	21 Jun 2018	5%	6.07%

Source: Euroclear Finland

	4–6/2020	4–6/2019	Change, %	1–6/2020	1–6/2019	Change, %	2019
Total revenue, M€	94.8	93.1	1.9	190.5	184.6	3.2	375.3
Net rental income, M€	68.9	66.8	3.1	124.9	117.7	6.2	247.3
Net rental income margin, %	72.7	71.8		65.6	63.8		65.9
Profit before taxes, M€	73.5	85.9	-14.4	125.2	124.8	0.3	1,031.3
Gross investments, M€	116.9	58.6	99.6	179.0	96.6	85.3	259.9
Funds From Operations (FFO), M€	42.1	40.1	4.9	71.5	66.4	7.6	140.7
FFO per share, €	0.17	0.16	6.3	0.29	0.27	7.4	0.57
Financial occupancy rate, %				96.3	96.9		97.2
Fair value of investment properties, Bn€				6.5	5.3	22.3	6.3
Number of apartments				35,474	35,194	0.8	35,272
Rental apartments under construction				2,380	1,329	79.1	1,316
EPRA NAV per share, €				15.62	11.88	31.5	15.49
Equity ratio, %				43.3	41.9		46.9
Loan to Value (LTV), %				42.6	46.9		40.5

Consolidated income statement

M€	4–6/2020	4–6/2019	1–6/2020	1–6/2019	1–12/2019
Total revenue	94.8	93.1	190.5	184.6	375.3
Maintenance expenses	-17.1	-17.8	-50.2	-51.7	-91.1
Repair expenses	-8.8	-8.5	-15.4	-15.2	-36.9
Net rental income	68.9	66.8	124.9	117.7	247.3
Administrative expenses	-9.9	-10.5	-20.1	-19.8	-38.7
Other operating income and expenses	0.7	0.5	1.3	0.9	1.7
Profit/loss on sales of investment properties	-0.6	0.0	-0.7	0.0	0.1
Profit/loss on sales of trading properties		0.1		0.1	0.2
Profit/loss on fair value of investment properties	26.2	42.2	48.2	52.6	872.4
Depreciation, amortisation and impairment losses	-0.3	-0.3	-0.5	-0.6	-1.1
Operating profit	85.0	98.9	153.1	150.9	1,081.9
Total amount of financial income and expenses	-11.5	-13.0	-27.8	-26.1	-50.8
Share of result from associated companies			0.0	0.0	0.2
Profit before taxes	73.5	85.9	125.2	124.8	1,031.3
Current tax expense	-4.2	-4.4	-8.7	-8.0	-19.9
Change in deferred taxes	-10.8	-13.7	-16.4	-16.9	-186.2
Profit for the period	58.6	67.8	100.1	100.0	825.2

Balance sheet

M€	30 June 2020	30 June 2019	31 December 2019
ASSETS
Non-current assets
Intangible assets	0.1	0.2	0.2
Investment properties	6,484.0	5,279.5	6,260.8
Property, plant and equipment	30.6	31.2	30.9
Investments in associated companies	2.4	2.2	2.4
Financial assets	0.7	0.6	0.7
Non-current receivables	3.1	5.1	3.2
Derivatives	0.0	0.4	0.2
Deferred tax assets	17.8	17.7	14.4
Total non-current assets	6,538.7	5,336.9	6,312.8
Non-current assets held for sale	2.4	23.8
Current assets
Trading properties	0.1	0.3	0.1
Derivatives	0.4	0.3	0.3
Current tax assets	1.8	2.4	0.1
Trade and other receivables	10.2	8.8	7.7
Financial assets	146.3	127.4	132.1
Cash and cash equivalents	449.2	139.1	137.3
Total currents assets	608.1	278.2	277.6
TOTAL ASSETS	7,149.2	5,638.9	6,590.4

Balance sheet

M€	30 June 2020	30 June 2019	31 December 2019
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent company
Share capital	58.0	58.0	58.0
Share issue premium	35.8	35.8	35.8
Fair value reserve	-54.8	-49.4	-44.7
Invested non-restricted equity reserve	164.4	164.4	164.4
Retained earnings	2,892.3	2,151.3	2,877.0
Equity attributable to shareholders of the parent company	3,095.8	2,360.1	3,090.6
Total equity	3,095.8	2,360.1	3,090.6
Non-current liabilities
Loans and borrowings	2,907.2	2,386.9	2,429.3
Deferred tax liabilities	701.0	516.4	683.8
Derivatives	82.3	77.0	69.8
Provisions	0.4	0.6	0.5
Other non-current liabilities	4.8	14.0	5.1
Total non-current liabilities	3,695.7	2,994.8	3,188.4
Liabilities related to non-current assets held for sale		0.2
Current liabilities
Loans and borrowings	305.7	229.2	244.9
Derivatives	1.0	0.1	0.2
Current tax liabilities	1.3	0.7	2.0
Trade and other payables	49.8	53.6	64.3
Total current liabilities	357.7	283.7	311.4
Total liabilities	4,053.5	3,278.7	3,499.8
TOTAL EQUITY AND LIABILITIES	7,149.2	5,638.9	6,590.4

Financial key figures

	30 Jun 2020	31 Mar 2020	31 Dec 2019	30 Sep 2019	30 Jun 2019
Equity ratio, %	43.3	45.3	46.9	42.0	41.9
Interest cover	4.3	4.3	4.3	4.4	4.4
Loan to Value (LTV), %	42.6	39.5	40.5	46.7	46.9
Hedging ratio, %	87	85	88	90	89
Average interest rate, %1)	1.7	1.8	1.8	1.8	1.8
Average loan maturity, years	4.8	4.4	4.7	4.9	5.1
Average interest rate fixing period, years	4.8	4.6	4.9	5.2	5.4

1) Includes interest rate derivates

Development of housing production

Completed apartments, units

Quarterly development in Helsinki, units

Kojamo plc's Half-Year Report January–June 2020 47 Source: Annual data for Helsinki region: Helsinki Region Environmental Services Authority HSY, Follow-up of the Helsinki Region's Agreement on Land-use, Housing and Transport (MAL); Finland total: Statistics Finland; Helsinki: Living in Helsinki, construction review quarterly. Estimates for 2020 have been made before the corona pandemic except for estimate for start-ups in Finland in total.

Important information

This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securitites in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision.

This presentation includes forward-looking statements, which include statements regarding the Kojamo's business strategy, operating and financial targets, financial condition, profitability, results of operations and market data, as well as other statements that are not historical facts. Words such as "believe," "anticipate," "plan," "expect," "target," "estimate," "project," "predict," "forecast," "guideline," "should," "aim," "continue," "could," "guidance," "may," "potential," "will," as well as similar expressions and the negative of such expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. By their nature, forwardlooking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Undue reliance should not be placed on these forward-looking statements. Except for any ongoing disclosure obligation as required by applicable law, Kojamo does not have any intention or obligation to publicly update or revise any forward-looking statements, whether to reflect any future events or circumstances or otherwise.