Notes to the consolidated financial statements
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1 Notes to the consolidated financial statements Accounting policies Basic information VVO is a housing service. The housing rental service uses privately financed and state- housing stock. The s parent company, VVO-group plc, is a public limited company domiciled in Helsinki. Its registered address is Mannerheimintie 168a, FI Helsinki. A copy of the consolidated financial statements is available at or from the parent company head office. Consolidation policies The consolidated financial statements have been compiled as a combination of the companies income statements and balance sheets and their notes. The s accounting policies have been uniformly applied to the individual financial statements of the companies. The consolidated financial statements include, in addition to VVO-group plc, the companies in which the parent company directly or indirectly holds more than 50% of the votes or exercises actual control. Housing companies included in inventories, whose ownership is on a shortterm basis and which are intended to be sold are not consolidated in full in the financial statements. The loan portions of these inventory companies have been consolidated in the financial statements. Mutual shareholdings have been eliminated using the cost method. The difference between subsidiaries acquisition costs and the equity corresponding to the holding and the deferred tax liability based on this have been allocated to land areas and buildings. Companies acquired during the financial year are consolidated in the financial statements from the day of acquisition or from the moment when the gained control in the company, and divested subsidiaries have been excluded from the financial statements when control has ceased. Intra- transactions, receivables and liabilities, and essential internal margins and internal profit distribution have been eliminated in the consolidated financial statements. The distribution of the profit for the financial period between the parent company shareholders and the minority is presented in the income statement, the minority interest of shareholders equity being presented as a separate item in the balance sheet. Affiliates are companies which do not belong to the but in which the parent company directly or indirectly has considerable influence. Considerable influence is defined as the holding at least 20% of the votes vested in the company s shares or the otherwise exercising influence but not control in the company. Affiliates have been consolidated using the equity method. The share of the affiliates profit for the financial period corresponding with the s holding is presented as a separate item in the income statement. Some affiliates have different financial periods; the latest financial statements or any more recent intermediate report if available have been used when consolidating such affiliates. VVO-group plc s 50% holding in Suomen Asumisoikeus Oy and SV-Asunnot Oy is not consolidated in the financial statements. Due to the current rightof occupancy housing legislation, the shareholders cannot in practice expect any return on their investment in the company. Revenue recognition Income related to rental services The income from rental services is recognised on accrual basis during the lease period. Valuation of fixed assets Tangible and intangible assets are recognised in the balance sheet at original purchase cost less depreciation according to plan and possible impairment. Contributions related to the acquisition of tangible assets are deducted from the purchase cost of the object. Contributions are recognised through smaller depreciation during the assets useful life. Depreciations according to plan are calculated as straight-line depreciation based on the estimated useful life of the assets (prior to 1996, some of the depreciation was based on maximum amounts approved in taxation). The depreciation periods according to plan, based on the useful life, are: Residential buildings 67 years Machinery and equipment in buildings years Computers and software 4 5 years Office equipment and furniture 4 years Cars 4 years Costs that are generated later are included in the book value of a tangible asset only if it is likely that the future economic benefit related to the asset will benefit the. 16
2 Other repair and maintenance costs are recognised through profit or loss when they materialise. Positive and negative goodwill allocated to fixed asset is written off in accordance with the depreciation rules of the item group in question. Sales gains from fixed assets are recorded under other operational income and sales losses under other operational costs. Development costs Development costs are recognised as expenses in the income statement in the financial year in which they are generated. Valuation of inventories The s inventories consist of the following : completed apartments unsold at the closing date land areas that include acquisition costs for projects that have not yet been started other inventories, primarily planned projects In the financial period used for comparison, inventories also included shares of construction projects under construction that had not been recognised as costs. Inventories are recognised at acquisition cost or disposal price if it is likely to be lower. Valuation of financial assets Financial securities are recognised at purchase price or market price if it is lower. The interest income and costs caused by derivative agreements are allocated over the agreement period, and they are used to adjust the interest rates of the hedged object. Changes in the value of the hedging agreement are presented in the notes to the financial statements. VVO-group has separate operating instructions for the use of interest rate derivatives. Statutory provisions Future costs and apparent losses that will no longer generate future income and which the is obliged and committed to perform and whose monetary value can be reasonably estimated are recognised as losses in the income statement and as statutory provisions in the balance sheet. Accumulated appropriations Appropriations consist of residential building provisions and accumulated depreciation differences. The change in the difference between depreciation according to plan and book depreciation in subsidiaries individual financial statements is presented as appropriations in the income statements and accumulated appropriations in the balance sheet. In the consolidated balance sheet, the accumulated appropriations are divided into shareholders equity, minority interest and deferred tax liabilities. The difference in residential building provisions and depreciation difference generated during the financial period is divided in the income statement into changes in deferred tax liability, minority interest in the profit for the period, and profit for the period. Accrual of pension costs The pension cover of companies is handled by external pension insurance companies. Pension costs are recognised as costs in the income statement. Deferred tax assets and liabilities Deferred tax assets or liabilities have been calculated on the temporary differences between taxation and the financial statement using the tax rate confirmed for the coming years on the closing date. From 2006, a deferred tax liability has also been calculated on allocated goodwill from acquisitions; no tax liability has been recognised for acquisitions made prior to this. The balance sheet includes the entire deferred tax liability and the deferred tax asset at the estimated amount. The deferred tax asset has been deducted from the tax liability and the net amount is presented as a separate item in non-current liabilities. Distributable funds Of the companies, VVO Asunnot Oy and VVO Korkotukikiinteistöt Oy are companies subject to profit-sharing limitations in accordance with the housing legislation amendments that entered into force at the beginning of They can at most pay their owner, VVO-group plc, an 8% return on the original investment made by the owner. When determining the basis for the return, i.e. the original investment, and also in paying the return, VVO-group companies subject to profit sharing limitations can be considered a single group. This does not have an effect on the parent company s distributable profits. 17
3 Accounting principles for the cash flow statement The consolidated cash flow statement has been compiled based on the information in the consolidated income statement and balance sheet and any supplementary information. Changes in the structure have primarily been taken into consideration based on the difference in the balance sheet total in the opening and closing balance sheets. Cash and cash equivalents include bank accounts, liquid deposit notes and certificates of deposits. Foreign currency denominated At the closing date, the had no receivables or liabilities denominated in foreign currencies. Derivative agreements Interest rate swaps made in order to hedge against the interest rate risks of long-term loans have not been entered in the balance sheet; they are reported in the notes to the financial statements. The interest income and costs based on derivative agreements are allocated over the agreement period and are used to adjust the interest rates of the hedged object. Segment reporting The financial entity that VVO-group forms is reported on in two segments. The basis for the segment division is the profit distribution limitation defined by the Act on State- Housing Loans (ARAVA Act). The VVO Non- segment includes privately financed rental housing and the state housing subject to property-specific limitations based Key indicators for the VVO Non- segment on the ARAVA Act and state-subsidy extension limitations that will mainly end in 2014 and by 2025 at the latest. The plot reserve included in inventories and the apartments for sale are also included in the VVO Non- segment. The VVO State- segment includes rental housing that is subject to longer-term propertyspecific limitations based on the ARAVA Act and interest subsidy legislation , , , , , , , , Number of apartments Turnover, EUR million Operating profit, EUR million Operating profit % Profit before tax, EUR million Balance sheet total, EUR million Interest-bearing debt, EUR million Capital expenditure, EUR million *) Gearing, % Return on equity, % (ROE) Return on investment, % (ROI) Key indicators for the VVO State- segment Number of apartments Turnover, EUR million Operating profit, EUR million Operating profit % Profit before tax, EUR million Balance sheet total, EUR million Interest-bearing debt, EUR million Capital expenditure, EUR million *) Gearing, % Return on equity, % (ROE) Return on investment, % (ROI) *) Repair and new production investments and transfers from current assets to non-current assets. 18
4 Income statement by segment EUR 1,000 External turnover Internal turnover Total turnover Other operating income Amortisations, and depreciation Share in profits of associated companies External operating costs Internal operating costs Total other operating costs Operating profit VVO Non- VVO State 1 12/ /2011 Eliminations 165,201 8, , ,076 2, ,194-10,785-10,785 6,122 2,622-24,655 Actual 1 12/ ,278 Actual 1 12/ / / , ,101 8, , ,546 2, ,890-10,347-10, , ,647-1,378 7,366 4, ,625-24, ,853-24,086-23, , ,672-3,015-78,784-9, , , ,546-2,541-73,359-7, , , ,688-88,293 12, , ,087-81,351 10, ,906 50,635 54, ,719 49,232 51, ,616-24,750-25,145-49,895-21,302-21,804 5,234-4, External financial income and expenses Internal financial income and expenses Financial income and expenses 5,345-4, ,405-30, ,895-16,067-26, ,106 Profit before nonrecurring and taxes 31,229 24, ,823 33,164 24, , ,106
5 Balance sheet by segment EUR 1,000 12/31/ /31/2010 ASSETS Non-current assets Intangible assets Tangible assets Equity investments 6,079 2,006,445 21,453 2,033, ,054 18, ,811 1,895 1,074,908 9,489 1,086,293-74,780-82,105 49,138 9,954 32, , ,257 2,252,236 75,428 82,717 18,398 50, ,513 1,119,324 2,086 12,869 45,493 60,449 1,146,742-74,540-81,914 75,428 10,262 31,267 96, ,421 2,184,152 2, , ,656-5, , , , , , , ,607 2,859 98, ,447-5, , , , ,112 4,643 9,437-1,993 12,087 5,311 9,459-2,005 12,766 92,246 60,669-1, ,883 88,757 59,158-3, , , ,069-67,572 1,560, , ,403-69,503 1,527,788 21,683 79, , ,261 28,073-5, ,286-74,319 26,526 78, , ,404 23,273 1,004,143 1,064,812 44,042 79,272 1,683,871 1,835, ,676 1,035,835-70,400-73,966 48,903 78,230 1,654,922 1,799,273 TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 1,138,436 1,195,906-82,105 2,252,236 1,119,324 1,146,742-81,914 2,184,152 Current assets Inventories and advance payments Receivables Other liquid assets Liquid assets TOTAL ASSETS 1, ,222 18, ,068 4,810 1,102,288 12,137 1,119,236 49,138 82,108 16,262 68, ,367 1,138,436 2,626 16,077 57,965 76,669 1,195, , , ,531 1,934-9,260-7,325-74,780 1,881-9,255-7,373-74,540 2,743 1,948,844 19,142 1,970,730 EQUITY AND LIABILITIES??? Equity Equity and funds Retained earnings Minority interest Interest-free liabilities Liabilities Interest-free liabilities Interest-bearing liabilities Non-current Current, loan repayments Current, other 20
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