Review period January–March 2015
- Turnover totalled EUR 90.9 (88.1) million. This growth was generated by increased profit from rental operations.
- Profit before taxes amounted to EUR 60.4 (35.7) million and is based on a good financial occupancy rate, the successful management of maintenance costs, low financial costs, and changes in the fair value of investment properties.
- The financial occupancy rate remained high, standing at 97.4 (98.4) per cent.
- Tenant turnover stayed at the same level as in the comparison period, that is, 6.8 (6.7) per cent.
- There were 1,324 (969) rental apartments under construction at the end of the review period.
- The Group owned 40,760 (40,273) rental apartments on 31 March 2015.
- The fair value of investment properties was EUR 3.8 (3.5) billion. Their fair value amounted to EUR 3.7 billion at the end of the 2014 financial year. Changes in fair value accounted for EUR 26.0 (4.0) million of the Group's profit for the period.
- The Group’s gross investments during the period totalled EUR 53.3 (32.3) million.
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.
VVO Group Plc adopts IFRS in its financial reporting
The first Interim Report of 2015 has been drawn up in accordance with International Financial Reporting Standards (IFRS) and the comparison figures have been converted to comply with IFRS accounting principles. The transition to IFRS and its impact has been explained in the 'Transition to IFRS' section of the Notes to the Interim Report.