Investments and property development

VVO launched the construction of 493 (408) apartments during the review period. A total of 964 (821) apartments were under construction at the end of the period, all of which are privately financed. Of the apartments under construction, 651 (588) are located in the Helsinki region and 313 (233) in other Finnish growth centres.

Several construction companies responded to VVO's invitation to bid for rental apartment construction projects worth EUR 100 million. On 29 August 2014, VVO Kodit Oy signed an agreement with Rakennusosakeyhtiö Hartela for the development of rental apartments in Helsinki, Espoo, Tuusula and Lahti worth a total of EUR 112 million. A total of over 500 apartments will be built under this agreement.

During the review period, VVO acquired 74 (443) and sold 156 (264) apartments.

The Group's gross investments during the period totalled EUR 132.3 (170.0) million. EUR 19.7 (25.0) million of these investments was allocated to capitalised renovation costs.

The VVO Non-subsidised segment accounted for EUR 120.5 (155.2) million of the gross investments, and the VVO State-subsidised segment for EUR 11.8 (14.8) million.

Repair costs totalled EUR 53.1 (54.3) million, of which EUR 33.4 (29.2) million was allocated to renovations with an effect on earnings.

During the review period, the temperature-corrected consumption of heating energy in VVO properties was about 0.5 per cent higher than in the corresponding period of the previous year.