Both VVO Group’s turnover and profit increased in 2015. The occupancy rate remained high, and there were 1,189 apartments under construction at the end of the year. In 2015, the Group spent approximately EUR 235 million on new development, housing acquisitions, and apartment repairs.
Summary of the Year 2015
(comparison period 1 Jan–31. Dec 2014)
- The Group’s gross investments during the period totalled EUR 235.0 (200.5) million. Gross investments were 63.3 (56.2) per cent of turnover.
- The fair value of our rental apartments was EUR 4.0 (3.7) billion. Return on investment was 7.6 (5.9) per cent.
- Turnover totalled EUR 370.9 (356.5) million. Turnover is entirely generated by rental income.
- Profit before taxes amounted to EUR 224.7 (146.5) million. The profit includes changes of EUR 70.3 (26.2) million in the fair value assessment of investment properties. Our favourable profit performance was based on changes in the fair value, low financial costs, a good occupancy rate and the successful management of maintenance costs.
- Net rental income was EUR 227.4 (210.0) million, representing 61.3 (58.9) per cent of turnover.
- The rental occupancy rate remained high, standing at 97.6 (98.1) per cent.
- There were 1,189 (1,127) rental apartments under construction at the end of the review period.
- The Group owned 41,153 (40,793) rental apartments on 31 December 2015.
Summary of 1 Oct.– 31 Dec. 2015
(comparison period 1 Oct.– 31 Dec. 2014)
Turnover totalled EUR 94.7 (90.9) million. Turnover is entirely generated by rental income.
Profit before taxes amounted to EUR 57.4 (50.0) million, showing an increase of EUR 7.4 million.
Net rental income was EUR 56.9 (46.9) million, representing 60.1 (52.1) per cent of turnover.
The Group’s gross investments during the period totalled EUR 81.1 (68.1) million.