Financial and business development in 2013
VVO's turnover growth and profit performance remained stable and strong. Occupancy rate was high, and a significant number of apartments were under construction, 1,020 at year end. Along with new construction, our investment in the future was reflected in extensive repairs.
- Reported turnover was EUR 346.6 (335.4) million, with growth attributed to the revenue of rental business.
- Profit before taxes amounted to EUR 75.9 (62.5) million. Profit performance was particularly strong in the VVO Non-subsidised business, based on the management of maintenance costs, low resident turnover, good occupancy rate and low financing costs.
- Financial occupancy rate remained high at 98.5 (98.7) per cent.
- Resident turnover decreased slightly compared to the previous year, to 25.4 (25.8) per cent.
- A total of 1,020 (551) rental homes were under construction at year end.
- At 31 December 2013, the Group owned 40,194 (39,946) rental apartments.
- Fair value came to EUR 3.4 billion.
- The Group’s gross investment in the period amounted to EUR 223.2 (74.8) million.
Key indicators 2009–2013
VVO Group
|
2013 |
2012 |
2011 |
2010 |
2009 |
| Turnover, EUR million |
346.6 |
335.4 |
327.3 |
328.6 |
342.9 |
| Operating profit, EUR million |
116.2 |
112.7 |
105.7 |
100.6 |
98.2 |
| % of turnover |
33.5 |
33.6 |
32.3 |
30.6 |
28.7 |
| Profit before appropriations and taxes, EUR million |
75.9 |
62.5 |
55.8 |
57.5 |
41.0 |
| % of turnover |
21.9 |
18.6 |
17.1 |
17.5 |
12.0 |
Balance sheet total,
EUR million |
2,468.5 |
2,276.1 |
2,252.2 |
2,184.2 |
2,170.6 |
| Return on equity (ROE), % |
15.5 |
10.6 |
11.2 |
11.3 |
9.2 |
| Return on investment (ROI), % |
5.5 |
5.5 |
5.2 |
5.1 |
5.1 |
| Equity ratio, book value, % |
20.7 |
19.8 |
18.5 |
17.7 |
15.3 |
| Equity ratio, fair value, % |
41.3 |
38.8 |
|
|
|
Apartments and commercial premises, fair value,
EUR million |
3,351.1 |
3,120.0 |
|
|
|
| Cash flow from investing activities, EUR million |
208.2 |
74.8 |
121.5 |
119.7 |
106.3 |
| Earnings per share, € 1) |
10.07 |
6.19 |
6.07 |
5.49 |
4.30 |
| Dividend/share, € 1) 2) |
2.20 |
2.00 |
1.60 |
1.50 |
1.20 |
| Dividend/earnings, % 2) |
21.8 |
32.3 |
26.4 |
27.3 |
27.9 |
| Housing stock, units |
40,194 |
39,946 |
39,741 |
38,747 |
38,519 |
Average rent,
€/sq m/month 3) |
12.42 |
11.89 |
11.26 |
10.79 |
10.44 |
| Employees at year end |
324 |
335 |
338 |
339 |
332 |
|
|
|
|
|
|
1) Per-share figures and ratios are based on the number of shares each year.
2) The Board of Directors proposes that a dividend of EUR 2.20 per share be paid.
3) Average rent per year |
|
| | | | | | |
Turnover
| EUR million | 2009 | 2010 | 2011 | 2012 | 2013 |
| Turnover | 342.9 | 328.6 | 327.3 | 335.4 | 346.6 |
Operating profit
| EUR million | 2009 | 2010 | 2011 | 2012 | 2013 |
| Operating profit | 98.2 | 100.6 | 105.7 | 112.7 | 116.2 |
Profit trend
| EUR million | 2009 | 2010 | 2011 | 2012 | 2013 |
| Profit before appropriations and taxes | 41.0 | 57.5 | 55.8 | 62.5 | 75.9 |
Financial occupancy rate
| % | 2009 | 2010 | 2011 | 2012 | 2013 |
| Financial occupancy rate | 98.3 | 98.1 | 98.3 | 97.9 | 97.9 |
Equity ratio
| % | 2009 | 2010 | 2011 | 2012 | 2013 |
| Book value | 15.3 | 17.7 | 18.5 | 19.8 | 20.7 |
| Fair value | | | | 38.8 | 41.3 |
Value development
| EUR billion | 2009 | 2010 | 2011 | 2012 | 2013 |
| Balance sheet value | 1.9 | 1.8 | 1.9 | 1.9 | 2.0 |
| Fair value | | | | 3.1 | 3.4 |
Cash flows from investment activities
| EUR million | 2009 | 2010 | 2011 | 2012 | 2013 |
| Cash flows from investment activities | 106.3 | 119.7 | 121.5 | 74.8 | 208.2 |
Earnings per share
| EUR | 2009 | 2010 | 2011 | 2012 | 2013 |
| VVO Non-Subsidided, profit (distributable) | 2.4 | 3.4 | 3.3 | 4.27 | 6.98 |
| VVO State-Subsidided, profit | 1.51 | 2.05 | 2.74 | 1.92 | 3.09 |
Dividend per share
| EUR | 2009 | 2010 | 2011 | 2012 | 2013 |
| Dividend per share | 1.2 | 1.5 | 1.6 | 2.0 | 2.2 |
Rental housing stock
| Pylväät 1 |
| Market rent 24,799 | 24,799 |
| Cost-price rent 15,395 | 15,395 |
