interim report Q1/2014
VVO Group had a turnover of EUR 89.4 (85.5) million for the period 1 January–31 December 2014. The VVO Non-subsidised segment recorded a turnover of EUR 45.7 (43.0) million, and the VVO State-subsidised segment EUR 46.4 (45.4) million. Increased income from rental activities in both business segments boosted turnover.
The Group posted an operating profit of EUR 34.0 (30.3) million, representing 38.0 (35.4) per cent of turnover. Profit before taxes amounted to EUR 23.2 (20.6) million. The result includes EUR 1.8 (3.0) million in sales gains from fixed assets. Our favourable profit performance is based on successful management of maintenance costs, a small tenant turnover rate, a good occupancy rate, and low financial costs.
Financial income and expenses included in the result totalled EUR -10.7 (-9.7) million. The VVO Non-subsidised segment generated EUR 15.6 (14.0) million in profit before taxes and the VVO State-subsidised segment EUR 7.8 (6.7) million.