SATO Corporation Interim Report 1 January to 30 September

SATO Corporation, Interim Report 28 October 2022 at 9:00 am

Summary for 1 January to 30 September 2022 (1 January to 30 September 2021)

• The financial occupancy fee in Finland was 95.1% (94.7).
• Net gross sales totalled EUR 219.8 million (223.2).
• Net rental earnings was EUR 152.4 million (157.3).
• Profit earlier than taxes was EUR 182.9 million (211.7).
• The unrealised change within the honest worth of funding properties included within the consequence was EUR 43.2 million (114.4).
• Housing investments amounted to EUR 122.1 million (116.9).
• Invested capital on the finish of the assessment interval was EUR 4,650.7 million (4,479.8).
• Return on invested capital was 6.3% (7.3).
• Equity was EUR 2,507.4 million (2,310.7), or EUR 44.29 per share (40.82).
• Earnings per share have been EUR 2.58 (2.99).
• A complete of 192 rental flats (41), 0 owner-occupied flats (0) and 0 Flex Homes (0) have been acquired or accomplished.
• A complete of 1,387 rental flats (1,294), 0 owner-occupied flats (71) and 52 FlexHomes (52) are below building.
• SATO invested in new rental properties within the Skanssi district of Turku. This is the primary time in 5 years that SATO is investing in new properties within the metropolis.
• Despite the uncertainty available in the market, SATO has succeeded in bettering the occupancy fee.

Summary for 1 July to 30 September 2022 (1 July to 30 September 2021)

• The financial occupancy fee in Finland was 95.6% (95.1).
• Net gross sales totalled EUR 72.6 million (74.9).
• Net rental earnings was EUR 54.0 million (57.3).
• Profit earlier than taxes was EUR 38.4 million (40.5).
• The unrealised change within the honest worth of funding properties included within the consequence was EUR 2.9 million (2.4).
• Housing investments amounted to EUR 53.6 million (57.3).
• Earnings per share have been EUR 0.54 (0.57).
• A complete of 1 rental flats (0), 0 owner-occupied flats (0) and 0 Flex Homes (0) have been acquired or accomplished.

President and CEO Antti Aarnio:

• During the interval below assessment (1 July to 30 September 2022), SATO’s occupancy fee improved and was 95.6% (95.1). Demand for rental properties picked up from the early months of the 12 months, and the upper occupancy fee has primarily been attributable to development in service consumption and the ensuing enchancment in service-sector employment fee in addition to to higher secondary schooling resuming contact educating. Economic uncertainty and better client costs and rates of interest are additionally partially mirrored within the rising demand for rental properties.
• In the Helsinki Metropolitan Area particularly, the continued excessive stage of recent housing manufacturing has sustained intense competitors for good tenants. Due to the aggressive state of affairs, it has not been potential to switch growing upkeep prices in full to house rents.
• With the selection out there for these on the lookout for a house rising, a profitable buyer expertise performs an essential function. SATO is investing strongly in its operations in 24/7 digital providers and in presence shut to prospects.
• In August, SATO signed a contract below which we purchase an house constructing from builders Lujatalo constructed in Skanssi, Turku. The eight-storey constructing on the handle Sorakatu 9 could have 77 new rental properties. This is the primary time in 5 years that SATO is investing in new properties within the metropolis. Construction began in August and the properties will likely be move-in prepared in late October 2023.
• SATO is growing 257 new rental properties within the Finnoo district of Espoo, shut to the brand new metro station. Construction began in August 2022 and the properties will likely be accomplished in levels throughout autumn 2024. Peijinkuja challenge is grounded in long-running improvement efforts the place, along with the City of Espoo, we drafted a brand new native detailed plan for the terraced home property owned by SATO within the outdated Hannus space of indifferent homes that’s now on its method to change into the brand new Finnoo district of Espoo.
• In September, we revealed our Sustainability Programme for 2023−2026. The programme is themed on sustainable housing, wellbeing in communities and sustainable profitability. We intention to be a forerunner in sustainable rental housing. SATO’s new Sustainability Programme is predicated on an evaluation, performed with stakeholders, of the weather of sustainability which are perceived to be crucial. The Sustainability Programme and its targets will function steering in each day-to-day decision-making and extra long-term improvement efforts.
• I would love to thank SATO staff for his or her nice work to develop buyer satisfaction and the housing consolation of our residents.

Operating setting

Over the reporting interval, SATO’s working setting was affected by the conflict in Ukraine, the fixed rise in prices and, notably within the Helsinki Metropolitan Area, the continued excessive stage of rental housing provide.

Russia’s assault on Ukraine that began in February continues to be persevering with and has made the financial outlook more and more unsure and accelerated inflation. Exceptionally excessive inflation has pressured central banks to reply to the state of affairs by making fast rate of interest hikes. In September, the European Central Bank (ECB) raised the important thing rates of interest by 75 foundation factors to 1.25%. The earlier hike passed off in July and was 50 foundation factors. The conflict in Ukraine and the ensuing uncertainty is eroding client confidence. Consumer confidence has remained at a really low stage already for the reason that spring and is dampening personal consumption.

In specific the surge in power and meals costs coinciding with climbing rates of interest will reverse financial development in direction of the top of the 12 months. According to the Bank of Finland forecast of 15 September 2022, Finland’s economy is projected to develop by 2.2% this 12 months following a sturdy begin to the present 12 months however then decline to 0.3% subsequent 12 months. The outlook is very unsure, however the forecast anticipates that the upward development in costs will subside in late 2023 and the economy will resume sluggish development in 2024.

The record-high fee of building seen for an extended time period will sluggish due to the financial uncertainty. Sales volumes of each new and outdated properties have decreased. Statistics revealed by the Federation of Real Estate Agency in August present a lower in gross sales volumes of recent and outdated properties in contrast with the figures reported for the spring and early summer time. The determine was down by 21% in contrast with July 2021. According to knowledge launched by Statistics Finland in August, there was a 35% year-on-year lower in constructing permits granted and a 12% year-on-year lower in constructing initiatives began in Q2 of 2022. The variety of residential models to be accomplished, notably within the Helsinki Metropolitan Area, will, nevertheless, stay at a excessive stage throughout the remainder of 2022 in addition to all through 2023, sustaining intense competitors for tenants.

Despite the financial uncertainty, there’s demand for rental properties and the urbanisation development continues. Dense city housing with good entry to public transport is changing into more and more fashionable in Finland. The Helsinki Metropolitan Area (HMA), Tampere and Turku proceed to get pleasure from robust development, whereas on the identical time Statistics Finland forecasts a downturn within the nationwide inhabitants development in 2031. The HMA is projected to develop by greater than 200,000 new residents by 2040. Almost 80% of HMA residents already stay in households with one to two members, and the proportion of small households continues to develop. The proportion of immigrants is projected to improve within the HMA from the present 17% to 25% by 2030. The ageing inhabitants is shifting to development centres offering entry to providers and expects increasingly housing-related providers.

The demographic change and the value improvement of owner-occupied properties create a steady basis for rental housing demand, particularly within the HMA, Tampere and Turku. Outside development centres, the actual costs of properties are declining, which makes dwelling possession in a development centre much more difficult for folks coming from these areas.

REVIEW PERIOD 1 JANUARY TO 30 SEPTEMBER 2022 (1 JANUARY TO 30 SEPTEMBER 2021)

Net gross sales and revenue

In January–September 2022, SATO Corporation’s consolidated internet gross sales totalled EUR 219.8 million (223.2).

Operating revenue was EUR 217.0 million (245.4). Operating revenue with out the change within the honest worth of funding properties was EUR 173.8 million (130.9). The unrealised change in honest worth by means of revenue or loss was EUR 43.2 million (114,4).

Net financing bills totalled EUR -34.1 million (-33.7).

Profit earlier than taxes was EUR 182.9 million (211.7). Cash earnings (free money circulation after taxes excluding modifications in honest worth) in January–September amounted to EUR 116.3 million (74.7).

Earnings per share have been EUR 2.58 (2.99).

Financial place and financing

The consolidated steadiness sheet whole on the finish of September was EUR 5,226.0 million (5,070.8). Equity totalled EUR 2,507.4 million (2,310.7). Equity per share was EUR 44.29 (40.82).

The Group’s fairness ratio on the finish of September was 48.0% (45.6). EUR 0.0 million in new long-term financing was drawn and the solvency ratio on the finish of September was 40.0% (42.6).

The Group’s annualised return on fairness was 8.0% (10.1). Return on invested capital was 6.3% (7.3).

Interest-bearing liabilities on the finish of September totalled EUR 2,143.3 million (2,169.1), of which loans on market phrases amounted to EUR 1,987.7 million (1,976.9). The common mortgage rate of interest was 1.8% (1.7). Net financing prices totalled EUR -34.1 million (-33.7).

The calculated affect of modifications available in the market worth of curiosity hedging on fairness was EUR 46.2 million (10.9).

The proportion of loans with out asset-based securities was 87.3% (86.2) of all loans. At the top of September, unencumbered property accounted for 88.9% of whole property (87.5).

Housing business

Our housing business contains rental actions, customer support, lifecycle administration and upkeep. Effective rental actions and digital providers present home-seekers with fast entry to a house, and the Group with a steadily growing money circulation. High-quality upkeep operations make sure the consolation of residents and that the flats keep in good situation and keep their worth. We serve our prospects in each day housing points by means of our customer-oriented service organisation.

Rental earnings was EUR 219.8 million (223.2). On common, the financial occupancy fee of flats in Finland was 95.1% (94.7) and the exterior tenant turnover 28.4% (31.6).

At the top of the reporting interval, the typical month-to-month hire of SATO rental properties in Finland was EUR 17.80 per m²(17.46).

Net rental earnings from flats totalled EUR 152.4 million (157.3).

(*30*) properties

On 30 September 2022, SATO owned a complete of 24,947 properties (26,594). The reporting interval noticed the completion of 191 rental properties (41). The variety of divested rental flats and part-ownership flats redeemed by residents totalled 2,018.

Fair worth

The improvement of the worth of rental flats is a key issue for SATO. Its housing inventory is concentrated in areas and house sizes that are anticipated to be the main focus, in the long run, of accelerating rental house demand. The allocation of constructing repairs is predicated on life-cycle plans and restore want specs.

At the top of September, the honest worth of funding properties got here to a complete of EUR 5,035.3 million (4,975.4). The change within the worth of funding properties, together with the rental flats acquired and divested in the course of the reporting interval, was EUR 2.6 million (221.9).

At the top of September, the commuting zone of the Helsinki Metropolitan Area accounted for round 87%, Tampere and Turku collectively made up round 11% and St Petersburg round 2% of the worth of flats.

Investments, divestments and property improvement

(*30*) actions are used to handle the housing portfolio and put together the bottom for development. Since 2000, SATO has invested greater than EUR 3 billion in non-subsidised rental flats. SATO acquires and builds complete rental buildings and single rental flats. Property improvement permits for brand new investments in rental flats in Finland. The rental potential and worth of rental flats owned by SATO are developed by means of renovation actions.

Investments in flats totalled EUR 122.1 million (116.9). The Helsinki Metropolitan Area represented 79% of all investments in the course of the interval below assessment. New flats accounted for 61% of the entire. In addition, on 30 September 2022, there have been binding buy agreements to a complete of EUR 150.2 million (120.0) million in Finland.

During the reporting interval, 2,018 (14) rental flats have been divested in Finland. Their whole worth amounted to EUR 208.8 million (2.8).

The e book worth of the plot reserve owned on the finish of September totalled EUR 36.0 million (39.8). The worth of recent plots acquired by the top of September totalled EUR 9.1 million (15.3).

Permitted constructing quantity for round 1,700 properties is being developed for plots within the firm’s housing portfolio. This permits SATO to utilise present infrastructure, create a denser city construction and thus deliver extra prospects nearer to providers and public transport connections.

In Finland, 191 rental properties (41) and 0 owner-occupied properties (0) and 0 FlexHomes (0) have been accomplished. On 30 September 2022, a complete of 1,387 rental properties (1,294) and 0 owner-occupied properties (71) in addition to 52 FlexHomes (52) have been below building.

A complete of EUR 56.1 million (67.6) was spent on repairing flats and bettering their high quality.

At the top of September, SATO had a complete of 522 (531) flats in St Petersburg. The financial occupancy fee of rental properties in St Petersburg averaged 94.0% (95.6). Investments in Russia commenced in 2007. The final funding resolution was made in 2013 and the property was accomplished in 2016. SATO has decided in precept to exit the business in Russia. The firm is actively in search of an answer.

Personnel

At the top of September, the Group had a complete of 325 staff (289), of whom 291 (265) had a everlasting employment contract. The common variety of personnel in January–September was 330 (268).

REVIEW PERIOD 1 JULY TO 30 SEPTEMBER 2022 (1 JULY TO 30 SEPTEMBER 2021)

Net gross sales and revenue

In July–September 2022, SATO Corporation’s consolidated internet gross sales totalled EUR 72.6 million (74.9).

Operating revenue was EUR 50.2 million (51.4). Operating revenue with out the change within the honest worth of funding properties was EUR 47.3 million (49.0). The unrealised change in honest worth by means of revenue or loss was EUR 2.9 million (2.4).

Net financing bills totalled EUR -11.8 (million (-10.9).

Profit earlier than taxes was EUR 38.4 million (40.5). Cash earnings (free money circulation after taxes excluding modifications in honest worth) in July–September amounted to EUR 31.7 million (36.2).

Earnings per share have been EUR 0.54 (0.57).

Housing business

Our housing business contains rental actions, customer support, lifecycle administration and upkeep. Effective rental actions and digital providers present home-seekers with fast entry to a house, and the Group with a steadily growing money circulation. High-quality upkeep operations make sure the consolation of residents and that the flats keep in good situation and keep their worth. We serve our prospects in each day housing points by means of our customer-oriented service organisation.

Rental earnings was EUR 72.6 million (74.9). On common, the financial occupancy fee of flats in Finland was 95.6% (95.1) and the exterior tenant turnover 27.7% (30.6).

At the top of the reporting interval, the typical month-to-month hire of SATO rental properties in Finland was EUR 17.80 per m² (17.46).

Net rental earnings from flats totalled EUR 54.0 million (57.3).

(*30*) properties

On 30 September 2022, SATO owned a complete of 24,947 properties (26,594). The reporting interval noticed the completion of 0 rental properties (0). The variety of divested rental flats and part-ownership flats redeemed by residents totalled 3.

Fair worth

The improvement of the worth of rental flats is a key issue for SATO. Its housing inventory is concentrated in areas and house sizes that are anticipated to be the main focus, in the long run, of accelerating rental house demand. The allocation of constructing repairs is predicated on life-cycle plans and restore want specs.

At the top of September, the honest worth of funding properties got here to a complete of EUR 5,035.3 million (4,975.4). The change within the worth of funding properties, together with the rental flats acquired and divested in the course of the reporting interval, was EUR 58.6 million (59.0).

At the top of September, the commuting zone of the Helsinki Metropolitan Area accounted for round 87%, Tampere and Turku collectively made up round 11% and St Petersburg round 2%.

Investments, divestments and property improvement

(*30*) actions are used to handle the housing portfolio and put together the bottom for development. Since 2000, SATO has invested greater than EUR 3 billion in non-subsidised rental flats. SATO acquires and builds complete rental buildings and single rental flats. Property improvement permits for brand new investments in rental flats in Finland. The rental potential and worth of rental flats owned by SATO are developed by means of renovation actions.

Investments in flats totalled EUR 53.6 million (57.3). Helsinki Metropolitan Area represented 80% of all investments in the course of the interval below assessment. New flats accounted for 63% of the entire. In addition, on 30 September 2022, there have been binding buy agreements to a complete of EUR 150.2 million (120.0).

In August, SATO signed a contract below which SATO buys an house constructing from builders Lujatalo constructed in Skanssi, Turku. The eight-storey constructing on the handle Sorakatu 9 could have 77 new rental properties. This is the primary time in 5 years that SATO is investing in new properties within the metropolis. Construction began in August and the properties will likely be move-in prepared in late October 2023.

SATO is growing 257 new rental properties within the Finnoo district of Espoo. Construction began in August 2022 and the properties will likely be accomplished in levels throughout autumn 2024.

During the reporting interval, 3 (3) rental flats have been divested in Finland. Their whole worth amounted to EUR 0.5 million (0.8).

The e book worth of the plot reserve owned on the finish of September totalled EUR 36.0 million (39.8). The worth of recent plots acquired by the top of September totalled EUR 9.1 million (0.0).

Permitted constructing quantity for round 1,700 properties is being developed for plots within the firm’s housing portfolio. This permits SATO to utilise present infrastructure, create a denser city construction and thus deliver extra prospects nearer to providers and public transport connections.

In Finland, 0 rental properties (0) and 0 owner-occupied properties (0) and 0 FlexHomes (0) have been accomplished. On 30 September 2022, a complete of 1,387 rental properties (1,294) and 0 owner-occupied properties (71) in addition to 52 FlexHomes (52) have been below building.

A complete of EUR 24.6 million (26.8) was spent on repairing flats and bettering their high quality.

At the top of September, SATO had a complete of 522 (531) flats in St Petersburg. The financial occupancy fee of rental properties in St Petersburg averaged 93.6% (96.4). Investments in Russia commenced in 2007. The final funding resolution was made in 2013 and the property was accomplished in 2016. SATO has decided in precept to exit the business in Russia. The firm is actively in search of an answer.

Personnel

At the top of September, the Group had a complete of 325 staff (289), of whom 291 (265) had a everlasting employment contract. The common variety of personnel in July–September was 333 (285).

Events after the assessment interval

Due to elevated building, upkeep and financing prices, in addition to the reasonable hire improvement due to the aggressive state of affairs, SATO is not going to begin new initiatives in the intervening time and postpones their begin to the longer term.

Short-term dangers and uncertainties

Risk administration is used to make sure that dangers impacting the corporate’s business are recognized, managed and monitored. The fundamental dangers of SATO’s business are dangers associated to the business setting and monetary dangers.

The conflict in Ukraine is a short-term threat affecting the working setting, the length and impacts of which on the Finnish economy are troublesome to estimate. The conflict’s largest impacts have been seen within the costs of power, meals and supplies in addition to in provide chains. The surge in costs has resulted in a fast improve within the rate of interest stage. The improve in power, meals and client items costs might sluggish financial development, proceed to significantly improve the rate of interest stage, and have a unfavorable impact on the buying energy of customers in addition to on their capability to carry out their obligations. Such a decline within the economy or financial exercise might have an hostile impact on the monetary efficiency or actions, finance prices or worth of SATO-owned properties.

The highest dangers in house rental are to do with cyclical actions and modifications in provide and demand. The market threat might push the provision of rental properties greater than their demand. This would end in idle rental housing inventory and strain for rents to stage off or fall, particularly as regards outdated housing inventory.

A decline within the housing market might have a unfavorable impact available on the market worth of SATO’s housing inventory. In line with its refined technique, SATO has been focusing in its investments on development centres and on renovating and repairing present housing inventory and, consequently, guaranteeing the rentability and worth improvement of the flats.

Changes in regulation by the authorities and in laws and associated uncertainty might have a big affect on the reliability of the funding setting and, consequently, on SATO’s business. SATO screens and anticipates these modifications and likewise calls consideration to what it considers to be unfavorable impacts of regulation.

The administration of economic dangers is steered by the Group’s treasury coverage. Our threat administration rules have been outlined within the treasury coverage adopted by SATO’s Board of Directors. Our most vital monetary dangers relate to liquidity, refinancing and rates of interest. We handle our liquidity and refinancing dangers by diversifying the financing sources and maturity of our mortgage portfolio, and by holding enough liquidity reserves within the type of dedicated credit score amenities and different financing commitments. In 2019, the corporate issued an EUR 1.5 billion Euro Medium Term Notes (EMTN) Programme, below which SATO has issued bonds within the whole quantity of EUR 1,050.0 million.

The means for managing liquidity threat at SATO embrace money property, a checking account restrict, EUR 700 million in dedicated credit score amenities and a EUR 400 million business paper programme. We improve the quantity of reserves because the funding necessities develop. Our goal is to maintain the liquidity necessities of the following 12 months coated by dedicated agreements.

Floating fee loans symbolize an rate of interest threat which we handle by balancing the share of fastened and floating fee loans both by fastened fee debt preparations or rate of interest derivatives. In accordance with our treasury coverage, our intention is for fixed-rate loans, together with rate of interest derivatives, to account for greater than 60% of our debt portfolio.

SATO at present has 522 flats in St Petersburg. Investments in Russia commenced in 2007. The final funding resolution was made in 2013 and the property was accomplished in 2016. SATO has decided in precept to exit the business in Russia. Following the beginning of the conflict in Ukraine, the corporate has appeared into alternatives to exit the business in Russia. According to the explorations, a speedy exit has not been potential, which is why SATO will proceed to hire out the properties in St Petersburg in the intervening time till an exit methodology is discovered. The firm is actively in search of an answer. There are dangers associated to the business setting in our St Petersburg operations, together with foreign money threat. The consolidation of international currency-denominated property within the consolidated monetary statements additionally includes a translation threat, with associated hedging choices examined in accordance with our treasury coverage. It is anticipated that the working setting in Russia will likely be extremely unsure for an extended time period and will end in disruptions to SATO’s business actions in Russia and with events associated to business in Russia. It might affect the flexibility of SATO to make funds to its suppliers, staff and authorities in addition to obtain funds from its prospects, which may, subsequently, have a cloth hostile impact on SATO’s business in Russia and even end in SATO limiting or ceasing its operations in Russia and with events associated to Russia for an extended time period. Should the conflict in Ukraine be extended, finishing up business in Russia might have unfavorable impacts on the corporate’s popularity and will hamper business in Finland or have hostile results on the corporate’s skill to entry finance available in the market, which can have an hostile impact on the monetary efficiency or actions, monetary prices or worth of SATO-owned properties.

For a broader description of dangers and threat administration, see the Group’s web site and Annual Report for 2021 at www.sato.fi/en.

Outlook

In the working setting, SATO’s business actions are primarily affected by client confidence, improvement of buying energy, hire and value improvement for flats, aggressive state of affairs and rate of interest stage.

Russia’s assault on Ukraine that began in February continues to be persevering with and has made the financial outlook more and more unsure and accelerated inflation. Exceptionally excessive inflation has pressured central banks to reply to the state of affairs by making fast rate of interest hikes. In September, the European Central Bank (ECB) raised the important thing rates of interest by 75 foundation factors to 1.25%. The earlier hike passed off in July and was 50 foundation factors. The conflict in Ukraine and the ensuing uncertainty is eroding client confidence. Consumer confidence has remained at a really low stage already for the reason that spring and is dampening personal consumption.

In specific the surge in power and meals costs coinciding with climbing rates of interest will reverse financial development in direction of the top of the 12 months. According to the Bank of Finland forecast of 15 September 2022, Finland’s economy is projected to develop by 2.2% this 12 months following a sturdy begin to the present 12 months however then decline to 0.3% subsequent 12 months. The outlook is very unsure, however the forecast anticipates that the upward development in costs will subside in late 2023 and the economy will resume sluggish development in 2024.

The surge in power costs has a direct affect on the corporate’s profitability, as it’s at present not potential to switch prices in full straight to rents due to the extreme aggressive state of affairs.

The record-high fee of building seen for an extended time period will sluggish due to the financial uncertainty. Sales volumes of each new and outdated properties have decreased. Statistics revealed by the Federation of Real Estate Agency in August present a lower in gross sales volumes of recent and outdated properties in contrast with the figures reported for the spring and early summer time. The determine was down by 21% in contrast with July 2021. According to knowledge launched by Statistics Finland in August, there was a 35% year-on-year lower in constructing permits granted and a 12% year-on-year lower in constructing initiatives began in Q2 of 2022. The variety of residential models to be accomplished, notably within the Helsinki Metropolitan Area, will, nevertheless, stay at a excessive stage throughout the remainder of 2022 in addition to all through 2023, sustaining intense competitors for tenants. The improved service-sector employment fee and the resumption of contact educating in higher secondary schooling have resulted in demand for rental properties choosing up, which is mirrored in an improved occupancy fee. The financial uncertainty, strain for rate of interest hikes and will increase in client costs have additionally been partially mirrored in elevated demand for rental properties.

The continued excessive stage of housing provide notably within the Helsinki Metropolitan Area has maintained intense competitors for good tenants and was mirrored over the interval below assessment in SATO’s business as a slight lower in common rents 12 months on 12 months. With larger alternative out there for these on the lookout for a house, the function of a profitable buyer expertise has change into much more essential. SATO is strongly invested in growing its presence shut to prospects and in digital providers.

SATO Corporation’s shareholders on 30 September 2022

Largest shareholders and their holdings

On 30 September 2022, SATO had 56,783,067 shares and 127 shareholders registered within the book-entry system. The share turnover fee was 1.55% for the interval from 1 January to 30 September 2022.

For media enquiries please contact:
Antti Aarnio, President and CEO, cellphone: +358 201 34 4200
Markku Honkasalo, CFO, cellphone: +358 201 34 4226
www.sato.fi/en

ENCLOSURES
Interim Report 1 January to 30 September 2022
Interim Report presentation 1 January to 30 September 2022

DISTRIBUTION
NASDAQ Helsinki Ltd, Euronext Dublin, fundamental media, www.sato.fi/en

SATO Corporation is an knowledgeable in sustainable rental housing and one in every of Finland’s largest rental housing suppliers. SATO owns round 25,000 rental properties within the Helsinki Metropolitan Area, Tampere and Turku.

SATO goals to present a wonderful buyer expertise and a complete vary of city rental housing alternate options with good entry to public transport and providers. We promote sustainable improvement and work in open interplay with our stakeholders. SATO invests profitably, sustainably and with a long-term view. We improve the worth of our property by means of investments, divestments and repairs.

In 2021, SATO Group’s internet gross sales totalled EUR 298.3 million, working revenue EUR 304.5 million and revenue earlier than taxes EUR 259.4 million. The worth of SATO’s funding properties is round EUR 5 billion. www.sato.fi/en

• Interim report 1 January-30 September 2022
• Interim report presentation 1 January – 30 September 2022