Real estate property and fair value

On 31 March 2014, the Group owned 40,273 (39,874) rental apartments. The VVO Non-subsidised segment accounted for 19,605 (19,094) homes and the VVO State-subsidised segment for 20,668 (20,780).

The fair value of rental apartments owned by the Group and business premises in rental apartment buildings are determined every three months on the basis of the company's own evaluation. An external expert gives a statement on the valuation. Fair value was last determined on the basis of the situation on 31 March 2014 and, on the next occasion, will be determined based on the situation on 30 June 2014. The criteria for determining fair value are reported in the notes to the 2013 financial statements.

The fair value of rental apartments and business premises in the rental apartment buildings on 31 March 2014 was approximately EUR 3,378.5 (3,351.1) million, indicating growth of 0.82 per cent to EUR 27.4 million during the review period. The difference in value was EUR 1,328.2 (1,313.0) million, increasing by 1.16 per cent to EUR 15.2 million during the review period. Equity ratio calculated at fair value stood at 40.9 (41.3) per cent, and equity per share as calculated with fair values was EUR 211.09 (209.16). The equity ratio for VVO Non-subsidised operations was 48.3 (49.3) per cent calculated with fair values and 24.6 (25.9) per cent when book values are used. The fair value reference values were determined based on the situation on 31 December 2013.