At the end of the financial year, the Group owned 40,793 (40,194) rental apartments, representing an increase of 599 (248) apartments. The VVO Non-subsidised segment accounted for 20,044 (19,526) of these homes and the VVO State-subsidised segment for 20,749 (20,668). At the end of the financial year, VVO owned apartments in 42 (43) municipalities.
On 31 December 2014, the book value of VVO's rental apartments and the business premises in rental apartment buildings was EUR 2,184.2 (2,038.1) million, and the fair value EUR 3,557.0 (3,351.1) million. The difference in book and fair value was EUR 1,372.8 (1,313.0) million. This increase in value stemmed from trends in the market price of apartments, trends in rent and maintenance costs, and the end of state-subsidisation for certain properties.
The fair value of VVO's rental apartments and business premises is determined quarterly on the basis of the company's own evaluation. An external expert gives a statement on the valuation of VVO's rental apartments and the business premises in these rental apartment buildings. Fair value was last determined on the financial statement date of 31 December 2014. The criteria for determining fair value are reported in the notes to the financial statements.
Equity ratio calculated at fair value on 31 December 2014 stood at 42.0 (41.3) per cent, and equity per share as calculated with fair values was EUR 223.01 (209.16). On 31 December 2014, the equity ratio for VVO's Non-Subsidised segment was 48.7 (49.3) per cent calculated with fair values and 26.2 (25.9) per cent with book values.
The plot reserve held by the Group was about 120,000 floor sq m at the beginning of the financial period and about 110,000 floor sq m at the end of the period. The balance-sheet value of the plot reserve was EUR 39 (48) million at the end of the period.