Turnover and result

VVO Group had a turnover of EUR 367.9 (346.6) million for the period 1 January–31 December 2014. The VVO Non-subsidised segment recorded a turnover of EUR 192.9 (174.3) million, and the VVO State-subsidised segment EUR 186.8 (183.3) million. Turnover was boosted by increased income from rental activities as well as capital gains from the sale of inventory properties in the VVO Non-subsidised segment.

The Group's operating profit totalled EUR 136.7 (116.2) million, representing 37.2 (33.5) per cent of turnover. Financial income and expenses totalled EUR -46.3 (-40.3) million. Profit before taxes amounted to EUR 90.3 (75.9) million. The result includes EUR 9.8 (8.7) million in capital gains and losses from the sale of fixed assets. VVO’s favourable profit performance is based on the successful management of maintenance costs, a low tenant turnover rate, a good occupancy rate, and low financial costs. The VVO Non-subsidised segment generated EUR 64.1 (57.2) million in profit before taxes and the VVO State-subsidised segment EUR 26.3 (18.9) million.