Business Review, 11.
* Unaudited
FINANCIAL PERIOD 1 JANUARY-
- Operating profit MEUR 7.0 (2.7).
- 179 (16) apartments were completed during the period under review.
- 262 (70) apartment start-ups during the period under review.
- Contracts for building a total of 85 (137) apartments were made during the period under review.
UPDATE OF GUIDANCE FOR 2022
- The company expects the operating profit of the financial year of 1 January-
31 December 2022 to beEUR 22-28 million . (Previously: The company expects the operating profit of the financial year of 1 January-31 December 2022 to beEUR 20-28 million . -
The company expects the fair value of investment properties to be approximately
EUR 175 (12/2021: 97.6) million at the end of 2022. (Unchanged)
CONSOLIDATED KEY FINANCIALS*
EUR thousand* Unaudited | 1 January - | 1 January - | change % |
Revenue | 3,631 | 3,730 | -3% |
Operating profit | 6,993 | 2,744 | 155% |
Profit or loss for the financial year | 5,322 | 2,073 | 157% |
Earnings per share (EUR) | 0.10 | 0.05 | 100% |
Fair value of investment properties | 121,262 | 66,900 | 81% |
Economic occupancy rate | 99.0% | 98.1% | 1% |
Total equity | 58,534 | 31,335 | 87% |
Total assets | 139,990 | 73,438 | 91% |
CEO
The start of 2022 was exceptional as a business environment. The world was just recovering from a pandemic crisis when the war in
The company's business model, according to which it develops, builds and owns all of its apartments, is exceptional. There is high demand for the company's products, apartments, in the rental market, where the competition for good tenants is currently hard. The business model is highly predictable in terms of the long-term results and provides better than average protection from market changes. The company controls its residential real estate throughout its life cycle and it can respond to changes in the market quickly. The war in
LAND DEVELOPMENT: The competition over good construction sites is tough. The company launched lots of new negotiations on new sites during the period under review. During the period, the company agreed on the construction of 85 new apartments. The pursued number of new signed contracts was not reached in the short term, but the situation is expected to be remedied during 2022.
CONSTRUCTION: The increase in the prices of building materials during the period under review was exceptional. An indication of successful construction and development is that the company has managed to hold on to development margin levels. The value changes of the sites under production by the company have compensated for the increased costs related to the sites in relation to original forecasts.
OWNERSHIP OF APARTMENTS: With regard to lease activities and management, Asuntomestarit® have succeeded well. The economic occupancy rate for the period was 99%.
The start of 2022 was very good for our company. As the CEO, I am very pleased how an increasing number of customers are choosing
ANALYST AND MEDIA EVENT
The results will be presented by
Board of Directors
Further information
Markus Myllymäki
CEO
Tel. +358 (0)40 847 6206
markus.myllymaki@toivo.fi
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