Notes to the balance sheet

Notes to the balance sheet
EUR 1,000
Group
2011
Group
2010
Parent company
2011
Parent company
2010
4,137
273
-6
3,094
7,498
3,734
62
2,590
15
-6
2,599
2,526
62
-1
1
2,590
-2,306
0
-122
-2,427
NON-CuRRENT ASSETS
Intangible assets
Intangible rights
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
Accumulated depreciation and
impairment losses as at 1 Jan
Accumulated depreciation in decreases
Depreciation for the period
Accumulated depreciation
and impairment losses as at 31 Dec
Book value as at 31 Dec
Other long-term expenses
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
Accumulated depreciation and
impairment losses as at 1 Jan
Accumulated depreciation in decreases
Accumulated depreciation on transfers
Depreciation for the period
Accumulated depreciation
and impairment losses as at 31 Dec
Book value as at 31 Dec
Advance payments
Acquisition cost as at 1 Jan
Increases
Transfers between items
Acquisition cost as at 31 Dec
Book value as at 31 Dec
340
4,137
-2,835
2
-324
-3,157
-309
-2,835
-2,427
2
-77
-2,503
4,341
1,301
96
162
7,284
403
-2
6,555
697
-1
33
7,284
5,223
5,259
7
-49
6
5,223
7,685
-5,942
2
-2,526
5,223
-4,832
-4,398
18
-450
-6,391
-5,285
1
-6
-652
-5,942
-154
-4,987
-453
-4,832
1,294
1,341
235
390
99
349
-4
444
8
99
-8
99
99
349
-4
444
8
99
-8
99
444
99
444
99
VVO Financial Statements 2011
24
Group
2011
Group
2010
Parent company
2011
Parent company
2010
Tangible assets
Land and water areas
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
224,751
8,608
-8,072
3,089
228,377
206,940
3,020
-2,127
16,917
224,751
5,382
-50
27,742
31
-22,391
5,331
5,382
Appreciations
Book value as at 31 Dec
84
228,461
84
224,835
5,331
5,382
Entry fees
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
23,507
198
-83
1,537
25,159
22,968
10
-33
561
23,507
Buildings and structures
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
2,010,730
57,653
-3,399
70,195
2,135,179
1,943,322
42,809
-5,601
30,200
2,010,730
53,089
75
-53,164
-408,777
768
-14
-46,334
-454,357
-366,392
1,629
51
-44,066
-408,777
-5,218
5,697
2,035
1,682,857
2,035
1,603,988
EUR 1,000
The difference between subsidiaries’ acquisition costs
and the equity corresponding with the acquired share has
been allocated to non-current assets. EUR 38.1 million
(34.2) has been allocated to land areas.
Accumulated depreciation and
impairment losses as at 1 Jan
Accumulated depreciation in decreases
Accumulated depreciation on transfers
Depreciation for the period
Accumulated depreciation and
impairment losses as at 31 Dec
Appreciations
Book value as at 31 Dec
The difference between subsidiaries’ acquisition costs and
the equity corresponding with the acquired share has been
allocated to non-current assets. EUR 139.4 million
(136.6) has been allocated to buildings.
VVO Financial Statements 2011
25
455
-501
46
-479
EUR 1,000
Machinery and equipment
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
Accumulated depreciation and
impairment losses as at 1 Jan
Accumulated depreciation in decreases
Accumulated depreciation on transfers
Depreciation for the period
Accumulated depreciation and
impairment losses as at 31 Dec
Book value as at 31 Dec
Other tangible assets
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
Accumulated depreciation and
impairment losses as at 1 Jan
Accumulated depreciation in decreases
Accumulated depreciation on transfers
Depreciation for the period
Accumulated depreciation and
impairment losses as at 31 Dec
Book value as at 31 Dec
Advance payments and acquisitions in progress
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
Group
2011
Group
2010
Parent company
2011
Parent company
2010
11,983
248
-75
144
12,301
12,649
455
-1,327
206
11,983
2,205
136
-31
4
2,315
2,330
210
-335
2,205
-9,531
70
14
-1,075
-10,522
-9,766
1,322
-1,683
28
-1,665
295
-1,088
-9,531
-289
-1,945
-313
-1,683
1,778
2,451
370
521
6,976
606
0
1,035
8,618
5,893
415
-8
675
6,976
267
427
267
-114
-46
267
-3,113
-31
-44
25
0
-663
-3,777
-2,568
7
5
-557
-3,113
-7
-38
-12
-31
4,841
3,862
228
235
90,199
56,610
-4,019
-79,442
63,347
52,293
73,172
-2,567
-32,698
90,199
84
84
2,035
2,035
A majority of the decreases in fixed assets of the parent
company in 2011 were caused by business transfers.
Appreciations
Land and water areas
Value 1 Jan / 31 Dec
Buildings and structures
Value 1 Jan / 31 Dec
Value increases were recognised in the 1970s. The value
increases made do not exceed the estimated market prices.
VVO Financial Statements 2011
26
349
580
-930
EUR 1,000
Group
2011
Group
2010
Parent company
2011
Parent company
2010
75,871
Investments
Shares in subsidiaries
Acquisition cost as at 1 Jan
Increases
Decreases
Acquisition cost as at 31 Dec
75,871
123,043
56,826
-103,999
75,871
Appreciations
Book value as at 31 Dec
2,119
77,990
2,119
77,990
770
4,114
Joint venture shares
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
Book value as at 31 Dec
Other securities and shares
Acquisition cost as at 1 Jan
Increases
Decreases
Transfers between items
Acquisition cost as at 31 Dec
Book value as at 31 Dec
Other receivables, advance payments
Acquisition cost as at 1 Jan
Increases
Transfers between items
Acquisition cost as at 31 Dec
Book value as at 31 Dec
8,502
1,538
-68
144
10,117
7,715
1,561
-444
-329
8,502
770
770
10,117
8,502
770
770
8,957
29
-515
70
8,542
8,586
382
-339
328
8,957
894
2,785
330
-2,222
894
894
8,542
8,957
894
894
1,682
103
1,007
2,794
1,682
1,682
2,794
1,682
VVO Financial Statements 2011
27
-3,343
Domicile
Parent company
holding, %
Group
holding, %
Subsidiaries
Mummunkujan Pysäköinti Oy
Katajapysäköinti Oy
Hatanpäänhovin Pysäköinti Oy
Tampere
Tampere
Tampere
VVO-group plc
Kiinteistö osakeyhtiö Pikkuhirvas
Kiinteistö Oy Vantaan Lauri Korpisen katu 6
VVO Asumisoikeus Oy
VVO Asunnot Oy
VVO Kodit Oy
VVO Korkotukikiinteistöt Oy
VVO Palvelut Oy
VVO Rakennuttaja Oy
VVO Vuokra-asunnot Oy
VVO Vuokratalot Oy
Inari
Vantaa
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
VVO Kodit Oy
As Oy Kuopion Havuketo
As Oy Turun Puistokatu 12
As Oy Vantaan Junkkarinkaari 7
As. Oy Heinolan Korvenkaarre
As. Oy Hyvinkään Merino
As. Oy Hyvinkään Mohair
As. Oy Kuopion Kaarenkulma
As. Oy Malski 3
As. Oy Pihavaahtera
AsOy Helsingin Vuorenpeikontie 5
Asunto Oy Espoon Klariksenkallio
Asunto Oy Espoon Matinniitty
Asunto Oy Espoon Matinniitynkuja 7
Asunto Oy Espoon Soukanrinne
Asunto Oy Espoon Suurpellon Puistokatu G
Asunto Oy Espoon Suurpellon Puistokatu H
Asunto Oy Espoon Vihreätikka
Asunto Oy Helsingin Haapaniemenkatu 11
Asunto Oy Helsingin Hopeatie 9
Asunto Oy Helsingin Katariinankartano
Asunto Oy Helsingin Katariinankoski
Asunto Oy Helsingin Koskikartano
Asunto Oy Helsingin Maasälväntie 5 ja 9
Asunto Oy Helsingin Marjatanportti
Asunto Oy Helsingin Plazankuja 5
Asunto Oy Helsingin Posetiivari
Asunto Oy Helsingin Ratarinne
Asunto Oy Helsingin Risupadontie 6
Asunto Oy Helsingin Tilketori 2
Asunto Oy Helsingin Tuulastus
Asunto Oy Helsingin Tuulensuunkuja 3
Asunto Oy Helsingin Valanportti
Asunto Oy Hilapellontie 2 b
Asunto Oy Hämeenlinnan Kajakulma
Asunto Oy Hämeenlinnan Turuntie 38
Asunto Oy Hämeenlinnan Uusi-Jukola
Kuopio
Turku
Vantaa
Heinola
Hyvinkää
Hyvinkää
Kuopio
Lahti
Hollola
Helsinki
Espoo
Espoo
Espoo
Espoo
Espoo
Espoo
Espoo
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Hämeenlinna
Hämeenlinna
Hämeenlinna
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
77.46
100.00
100.00
100.00
100.00
73.97
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
77.46
100.00
100.00
100.00
100.00
73.97
100.00
100.00
VVO Financial Statements 2011
28
53.01
50.93
62.51
Asunto Oy Hämeentie 48
Asunto Oy Joensuun Rantakylänkatu 17
Asunto Oy Jyväskylän Harjunarkadi
Asunto Oy Jyväskylän Tellervonkatu 8
Asunto Oy Kauniaisten Asematie 10
Asunto Oy Kauniaisten Asematie 12–14
Asunto Oy Kauniaisten Bredantie 8
Asunto Oy Kauniaisten Thurmaninpuistotie 2
Asunto Oy Keravan Eerontie 3
Asunto Oy Keravan Palopolku 3
Asunto Oy Kivivuorenkuja 1
Asunto Oy Kivivuorenkuja 3
Asunto Oy Kuopion Sompatie 7
Asunto Oy Kuopion Sompatie 9
Asunto Oy Lahden Regattahovi
Asunto Oy Lappeenrannan Gallerianpolku
Asunto Oy Lappeenrannan Upseeritie 12
Asunto Oy Oulun Tervahanhi
Asunto Oy Pirtinketosato
Asunto Oy Pohtolan Kynnys
Asunto Oy Pohtolan Kytö
Asunto Oy Pohtolan Pohja
Asunto Oy Porin Kansankulma
Asunto Oy Rautamasuuni
Asunto Oy Rientolanhovi
Asunto Oy Riihimäen Mäkiraitti 17
Asunto Oy Rovaniemen Koskikatu 9
Asunto Oy Rovaniemen Pohjolankatu 11
Asunto Oy Rovaniemen Tukkivartio
Asunto Oy Salamankulma
Asunto Oy Tampereen Tuomiokirkonkatu 32
Asunto Oy Toppilan Tuulentie 2
Asunto Oy Tuiran Komuntalo
Asunto Oy Turun Ketokaunokki
Asunto Oy Turun Niittyvilla
Asunto Oy Turun Vänrikinkatu 2
Asunto Oy Vantaan Keikarinkuja 3
Asunto Oy Vantaan Kilterinaukio 4
Asunto Oy Vantaan Kilterinkaari 2
Asunto Oy Vantaan Krassitie 8
Asunto Oy Vantaan Neilikkapolku
Asunto Oy Vantaan Pyhtäänkorvenkuja 4 ja 6
Asunto Oy Vantaan Tammistonvuori
Asunto Oy Verkkotie 3
Asunto Oy Vähäntuvantie 6
Kiint. Oy Taivaskero 2
Kiinteistö Oy Kavallinterassit
Kiinteistö Oy Rappulanharju
Kiinteistö Oy Reki-Valko
Kiinteistö Oy Saarensahra
Kiinteistö Oy Satonkaarre
Kiinteistö Oy Siilinjärven Kirkkorinne
Kiinteistö Oy Tuureporin Liiketalo
Kiinteistö Oy Vantaan Pyhtäänpolku
Domicile
Parent company
holding, %
Group
holding, %
Helsinki
Joensuu
Jyväskylä
Jyväskylä
Kauniainen
Kauniainen
Kauniainen
Kauniainen
Kerava
Kerava
Vantaa
Vantaa
Kuopio
Kuopio
Lahti
Lappeenranta
Lappeenranta
Oulu
Kuopio
Tampere
Tampere
Tampere
Pori
Oulu
Tampere
Riihimäki
Rovaniemi
Rovaniemi
Rovaniemi
Turku
Tampere
Oulu
Oulu
Turku
Turku
Turku
Vantaa
Vantaa
Vantaa
Vantaa
Vantaa
Vantaa
Vantaa
Hämeenlinna
Helsinki
Vantaa
Kauniainen
Salo
Järvenpää
Tampere
Kaarina
Siilinjärvi
Turku
Vantaa
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
63.55
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
66.18
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
90.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
63.55
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
66.18
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
80.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
90.00
100.00
100.00
100.00
VVO Financial Statements 2011
29
Domicile
Parent company
holding, %
Group
holding, %
Vantaa
Vantaa
Helsinki
Tampere
Helsinki
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
VVO Asunnot Oy
Asunto Oy Espoon Klariksentie 2
Asunto Oy Espoon Piilipuuntie 11
Asunto Oy Espoon Piilipuuntie 7
Asunto Oy Espoon Piilipuuntie 9
Asunto Oy Helsingin Helminauha
Asunto Oy Helsingin Plyymi
Asunto Oy Helsingin Puuhka
Asunto Oy Helsingin Silkkinauha
Asunto Oy Helsingin Soittajantie 2
Asunto Oy Helsingin Viuhka
Asunto Oy Kouvolan Viirikaari
Asunto Oy Kuopion Papinkuja 3
Asunto Oy Kuopion Papinkuja 7
Asunto Oy Päivöläntie 25
Asunto Oy Turun Aurinkorinne
Asunto Oy Vantaan Kilterinmännikkö
Asunto Oy Vihdin Pajuniitty
Kiinteistö Oy Espoon Lyhtykuja
Kiinteistö Oy Lappeenrannan Koulukatu 1
Kiinteistö Oy Loviisanlinna-Lovisaborg Fastighets Ab
Kiinteistö Oy Mannerheimintie 168
Kiinteistö Oy Vantaan Kilterinrinne 6
Kiinteistö Oy Vantaan Kilterinhovi
Kiinteistö Oy Vantaan Kilterinkartano
Kiinteistö Oy Vantaan Kilterinpiha
Kiinteistö Oy Vantaan Viktoria
Espoo
Espoo
Espoo
Espoo
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Helsinki
Kouvola
Kuopio
Kuopio
Helsinki
Turku
Vantaa
Vihti
Espoo
Lappeenranta
Loviisa
Helsinki
Vantaa
Vantaa
Vantaa
Vantaa
Vantaa
92.74
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
93.86
81.50
100.00
100.00
100.00
75.55
100.00
51.46
100.00
100.00
100.00
100.00
100.00
92.74
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
93.86
81.50
100.00
100.00
100.00
100.00
100.00
82.61
100.00
100.00
100.00
100.00
100.00
VVO Vuokra-asunnot Oy
Asunto Oy Helsingin Kauppakartanonkuja 3
Asunto Oy Jyväskylän maalaiskunnan Pohjantikka
Kiinteistö Oy Malminhaka
Kiinteistö Oy Nurmelanpirtti
Kiinteistö Oy Rekivatro
Kiinteistöosakeyhtiö Aerolan A-talot
Kiinteistöosakeyhtiö Aerolan B-talot
Äyhönjärven Autopaikoitus Oy
Helsinki
Jyväskylä
Tampere
Lappeenranta
Järvenpää
Vantaa
Vantaa
Rauma
100.00
100.00
90.00
100.00
100.00
100.00
100.00
58.13
100.00
100.00
90.00
100.00
100.00
100.00
100.00
58.13
VVO Vuokratalot Oy
Asunto Oy Espoon Asemakuja 1
Asunto Oy Espoon Piilipuuntie 25
Asunto Oy Espoon Piilipuuntie 31
Asunto Oy Kuopion Niemenkatu 5
Fastighets Ab Lovisa Ulrikaborg Kiinteistö Oy
Kiinteistö Oy Hovirinnan Luumu
Kiinteistö Oy Kanavanpirtti
Kiinteistö Oy Nummenperttu
Espoo
Espoo
Espoo
Kuopio
Loviisa
Kaarina
Lappeenranta
Hämeenlinna
100.00
100.00
100.00
100.00
97.33
80.00
100.00
100.00
100.00
100.00
100.00
100.00
97.33
80.00
100.00
100.00
Kiinteistö Oy Vantaan Vilhelmiina
Kiinteistö Oy Vantaan Viola
Kiinteistö Oy Ylä-Malmintori
Kiinteistöosakeyhtiö Näsinlinnankatu 40
Volaria Oy
VVO Financial Statements 2011
30
Domicile
Parent company
holding, %
Group
holding, %
Oulu
Jyväskylä
Oulu
Helsinki
Vantaa
Jyväskylä
65.00
100.00
58.67
100.00
100.00
100.00
65.00
100.00
58.67
100.00
100.00
100.00
VVO Korkotukikiinteistöt Oy
Asunto Oy Kuopion Vilhelmiina
Kiinteistö Oy Tampereen Kyllikinkatu 15
Kiinteistö oy Vantaan Karhunkierros 1 C
Kuopio
Tampere
Vantaa
78.38
76.50
86.58
100.00
100.00
86.58
VVO Palvelut Oy
Koy Mannerheimintie 168a
Helsinki
100.00
100.00
Joint ventures
VVO-group plc
Asunto Oy Nilsiän Ski
Suomen Asumisoikeus Oy
SV-Asunnot Oy
Nilsiä
Helsinki
Helsinki
28.33
50.00
50.00
28.33
50.00
50.00
VVO Asunnot Oy
Asunto Oy Ikaalisten Päiväniitty
As. Oy Järvenpään Jampanpaju
Kiinteistö Oy Ahdinluoto
Kiinteistö Oy Jyrkkälänpolku
Fastighets Ab Lovisa Stenborg Kiinteistö Oy
Kiinteistö Oy Silkkirivi
Kanniston Huolto Oy
Mummunkujan pysäköinti Oy
Popinniemen Lämpö Oy
Ristikedonkadun Lämpö Oy
SKIPA Kiinteistöpalvelut Oy
Tamppi Pysäköinti Oy
Veturitallin Parkki Oy
Kiinteistö Oy Vantaan Puunhaltijakujan Parkki
Kiinteistö Oy Tampereen Taijan Parkki
Hatanpäänhovin Pysäköinti Oy
Ikaalinen
Järvenpää
Espoo
Turku
Loviisa
Ikaalinen
Kerava
Tampere
Kotka
Salo
Espoo
Tampere
Jyväskylä
Vantaa
Tampere
Tampere
23.20
41.35
34.50
28.85
45.50
33.33
20.51
26.51
34.00
49.90
20.63
23.21
45.31
45.00
49.17
20.63
23.20
41.35
34.50
28.85
45.50
33.33
20.51
53.01
34.00
49.90
20.63
23.21
45.31
45.00
49.17
62.51
VVO Vuokratalot Oy
Asunto Oy Laitilan Mirjaminpuisto
As Oy Laitilan Tanhuantie
Fastighets Ab Bärvägen
Kiinteistö Oy Ahjolansato
Kiinteistö Oy Keinulaudantie 4
Pajalan Huolto Oy
Laitila
Laitila
Finström
Iisalmi
Helsinki
Järvenpää
49.63
35.90
33.33
25.00
41.62
31.44
49.63
35.90
33.33
25.00
41.62
44.06
Oulu
Kerava
Lahti
Vantaa
Helsinki
24.39
39.19
24.93
26.24
25.15
24.39
39.19
24.93
26.24
25.15
Kiinteistö Oy Oulun Kotkankynsi
Kiinteistö Oy Puotipuksu
Kiinteistö Oy Tuiranmaja
Kiinteistö Oy Vaakamestarinpolku 2
Kiinteistö Oy Vehnäpelto
Tikantupa Oy
VVO Korkotukikiinteistöt Oy
Kiinteistö Oy Myllytullin Autotalo
Lintulammenkadun Pysäköintilaitos oy
Paavolan Parkki Oy
Ruukuntekijäntien paikoitus Oy
Virvatulentien Pysäköinti Oy
VVO Financial Statements 2011
31
VVO Kodit Oy
Asunto Oy Kuopion Vilhelmiina
Katajapysäköinti Oy
Kiinteistö Oy Helsingin Eliaksentalo 1
Kiinteistö Oy Jyväskylän Torikulma
Kiinteistö Oy Oulun Tullivahdin Parkki
Kiinteistö Oy Lappeenrannan Koulukatu 1
Kiinteistö Oy Mannerheimintie 168
Kiinteistö Oy Tampereen Kyllikinkatu 15
Marin autopaikat Oy
Mummunkujan pysäköinti Oy
Pihlajapysäköinti Oy
Hatanpäänhovin Pysäköinti Oy
Other joint ventures
VVO-group plc
Kirkkonummen Huolto Oy
VVO Vuokratalot Oy
VVO Asunnot Oy
Domicile
Parent company
holding, %
Group
holding, %
Kuopio
Tampere
Helsinki
Jyväskylä
Oulu
Lappeenranta
Helsinki
Tampere
Espoo
Tampere
Tampere
Tampere
21.68
34.26
23.01
42.63
33.78
24.45
31.15
23.50
21.00
26.51
30.56
41.88
100.00
50.93
23.01
42.63
33.78
100.00
82.61
100.00
21.00
53.01
30.56
62.51
Kirkkonummi
21.15
17.88
3.27
VVO-group plc
Ruukinpuiston Pysäköinti Oy
VVO Korkotukikiinteistöt Oy
VVO Kodit Oy
Oulu
23.49
9.93
13.56
All associates apart from Suomen Asumisoikeus Oy
and SV-Asunnot Oy have been consolidated
using the equity method.
VVO Financial Statements 2011
32
EUR 1,000
Inventories
Inventory shares
Land areas and other inventories
Total inventories as at 31 Dec
Receivables
Non-current
Loan receivables from Group companies
Receivables from joint ventures
Loan receivables
Loan receivables
Other receivables
Accrued income
Current
Accounts receivable
Receivables from Group companies
Accounts receivable
Loan receivables
Other receivables
Receivables from joint ventures
Loan receivables
Loan receivables
Other receivables
Accrued income
Financial securities
Securities and shares
Replacement value
Book value
Difference
Group
2011
Group
2010
20,216
28,922
49,138
34,948
40,480
75,428
Parent company
2011
Parent company
2010
61,546
61,546
84
522
125
53
786
591
517
98
83
1,291
182
177
61,729
61,724
6,433
4,333
2
0
697
796
32,394
102
7,010
21,614
507
353
352
1,521
9,168
2,690
306
1,640
8,971
96
17
208
34,214
86
145
294
29,254
37,055
36,277
778
34,401
32,516
1,885
12,276
11,723
553
13,195
12,046
1,148
58,025
58,025
58,025
58,025
58,025
58,025
58,025
58,025
35,786
35,786
35,786
35,786
35,786
35,786
35,786
35,786
1,568
31
1,599
1,568
2,119
2,119
1,568
2,119
2,119
16
16
16
16
17,856
18
17,838
17,856
17,856
18
17,838
17,856
Financial securities include fund shares, bonds,
company shares and other similar publicly
traded investment objects.
Equity
Share capital as at 1 Jan
Share capital as at 31 Dec
Share premium as at 1 Jan
Share premium as at 31 Dec
Revaluation reserve as at 1 Jan
Increase
Revaluation reserve as at 31 Dec
Contingency fund 1 Jan / 31 Dec
Reserve for invested unrestricted equity as at 1 Jan
Increase
Reserve for invested unrestricted equity as at 31 Dec
17,856
VVO Financial Statements 2011
33
17,856
EUR 1,000
Retained earnings as at 1 Jan
Dividend distribution
Adjustment for previous financial year *)
Retained earnings as at 31 Dec
Profit for the financial period
Total equity
Group
2011
Group
2010
Parent company
2011
Parent company
2010
258,860
-11,103
-1,421
246,334
226,623
-8,240
24,890
-11,103
21,988
-8,240
218,382
13,787
13,747
44,775
40,478
11,885
11,143
404,394
372,112
139,476
138,694
17,856
13,787
11,885
43,528
17,856
13,747
11,143
42,746
*) Retained earnings has been adjusted by EUR -1.4 million (0.0) by virtue of
VVO Rakennuttaja’s degree of completion adjustment.
Calculation on distributable equity as at 31 Dec
Reserve for invested unrestricted equity
Retained earnings
Profit for the financial period
Total
2011
shares
The parent company’s share capital is divided by share class as follows:
A series (20 votes per share)
Group
2011
EUR 1,000
Group
2010
Accumulated appropriations
Accumulated depreciation difference as at 1 Jan
Changes
Accumulated depreciation difference as at 31 Dec
Residential housing reserve as at 1 Jan
Changes
Total accumulated appropriations as at 31 Dec
Statutory provisions
Other statutory provisions
2,026
1,910
24,247
2,882
-75
27,054
19,160
5,609
-522
24,247
The statutory provisions include guarantee reserves
for VVO Rakennuttaja Oy’s founder construction
based on experience in the amount of
EUR 2.0 million (1.9).
Deferred tax assets and liabilities
Due to appropriations
Calculated on depreciation difference
Value as at 1 Jan
Increases
Decreases
Value as at 31 Dec
VVO Financial Statements 2011
34
2010
shares
7,402,560
7,402,560
Parent company
2011
Parent company
2010
12
4
16
2,022
-2,009
12
16
626
-626
12
Group
2011
Group
2010
72,126
4,245
-3,715
72,655
67,673
4,953
-500
72,126
5,973
2,340
-348
7,965
6,100
-126
5,973
-5,539
-1,224
1,845
-4,918
-5,472
-888
821
-5,539
102,756
96,807
102,756
2,354
96,807
2,354
1,540
3,135
330,558
593,422
5,059
624,485
30
2
13,582
1,676,927
3,888
4,187
338,193
539,421
5,857
633,884
40
1
13,313
1,637,951
Derivatives
Interest rate swaps *)
Nominal value
Valuation
176,889
-14,200
145,102
-7,378
Interest rate swaps to be dissolved **)
Nominal value
Valuation
97,749
-10,553
98,116
-8,271
37,676
-569
44,815
-460
312,315
-25,323
288,034
-16,110
EUR 1,000
Calculated on residential housing reserve
Value as at 1 Jan
Increases
Decreases
Value as at 31 Dec
Calculated on consolidation measures
Deferred tax liabilities
Value as at 1 Jan
Increases
Decreases
Value as at 31 Dec
Deferred tax assets
Value as at 1 Jan
Increases
Decreases
Value as at 31 Dec
Total deferred tax liabilities as at 31 Dec
Non-current liabilities
Deferred tax liabilities
Capital loans
Loans from financial institutions
Primary loans
Mortgages
State-subsidised loans
Interest-subsidy loans
Third-sector loans
Other non-current loans
Received advance payments
Trade payables
Other loans and debts
*) The bank may change the interest rate tying for some swaps
in certain situations.
Parent company
2011
Parent company
2010
10,772
11,466
10,772
11,466
8,442
-761
3,600
-362
8,442
-761
3,600
-362
**) The bank may dissolve the interest rate hedging
in certain situations.
Interest rate options bought and written
Nominal value
Valuation
Total
Nominal value
Fair value
The average maturity of derivatives is 3 years (2 years 7 months).
VVO Financial Statements 2011
35
EUR 1,000
Current liabilities
Loans from financial institutions
Instalments of primary loans in the next financial year
Instalments of mortgages in the next financial year
Instalments of state-subsidised
loans in the next financial year
Instalments of interest-subsidy
loans in the next financial year
Instalments of third-sector loans
in the next financial year
Instalments of additional loans
in the next financial year
Instalments of other current loans
in the next financial year
Overdraught limits
Current bank loans
Received advance payments
Trade payables
Liabilities to Group companies
Trade payables
Other loan and depts
Other loans and debts
Accrued expenses
Accrued interest payable
Payroll including social security contributions
Tax liabilities
Construction
Other accrued expenses
Group
2011
Group
2010
1,273
873
2,485
1,385
7,124
9,827
11,820
7,016
290
172
100
201
22,560
6,000
24,664
7,000
3,150
5,119
6,626
71,635
68,125
13,312
3,566
3,394
1,141
3,468
156,565
10,958
4,724
2,412
1,887
3,651
159,411
5,145
4,856
Parent company
2011
Parent company
2010
660
660
395
540
11
9,931
52,809
1
56,707
50,411
43
689
800
41
557
284
65,343
109,205
Capital loans
Capital note of Suomen Vuokratalot Oy, 2001
Suomen Vuokratalot Oy received a capital note from the City of Tampere totalling EUR 2,354,630.97 in 2001, on the following loan
terms: The loan shall be repaid in 20 years. The interest rate is a fixed 5.5% per annum for the first five years, and thereafter the six-month
Euribor rate plus 0.75 percentage points. The loan interest is only to be paid if the amount paid can be used for distribution in accordance
with the company’s latest confirmed balance sheet. The interest rates are accrued in the financial statement.
Suomen Vuokratalot Oy has merged with VVO Kodit Oy, and the capital note was transferred to VVO Kodit Oy under the same terms
and conditions.
Related party transactions
In 2011, VVO Kodit Oy bought a 46.3% holding in As. Oy Helsingin Haapaniemenkatu 11 from the Varma Mutual Pension Insurance
Company. Varma has a 15.98% holding in VVO-group plc.
In 2009, VVO Rakennuttaja Oy sold the entire share capital (shares 1–8,000) of Asunto Oy Helsingin Tervapääskynen to the Trade
Union for the Public and Welfare Sectors and committed to constructing a building for them. The construction project continued in 2011.
The Trade Union for the Public and Welfare Sectors has a 8.18% holding in VVO-group plc.
VVO Financial Statements 2011
36