Notes to the balance sheet

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1 Notes to the balance sheet Group Group Parent company Parent company Non-current assets Intangible rights Intangible assets Acquisition cost as at 1 Jan 7,499 4,137 2,600 2,590 Increases Decreases Transfers between items 190 3, Acquisition cost as at 31 Dec 7,975 7,499 3,007 2,600 Accumulated depreciation and impairment losses as at 1 Jan -3,157-2,836-2,503-2,428 Accumulated depreciation on decreases Depreciation for the financial year Accumulated depreciation and -3,489-3,157-2,554-2,503 impairment losses as at 31 Dec book value as at 31 Dec 4,486 4, Other long-term expenses Acquisition cost as at 1 Jan 7,686 7,284 5,223 5,223 Increases Decreases Transfers between items Acquisition cost as at 31 Dec 8,299 7,686 5,719 5,223 Accumulated depreciation and impairment losses as at 1 Jan -6,392-5,943-4,987-4,833 Accumulated depreciation on decreases Depreciation for the financial year Accumulated depreciation and -6,779-6,392-5,111-4,987 impairment losses as at 31 Dec book value as at 31 Dec 1,519 1, Advance payments Acquisition cost as at 1 Jan Increases Transfers between items Acquisition cost as at 31 Dec book value as at 31 Dec

2 Tangible assets Land and water areas Acquisition cost as at 1 Jan 228, ,751 5,332 5,382 Increases 216 8,609 Decreases , Transfers between items 3,090 Acquisition cost as at 31 Dec 228, ,377 5,332 5,332 Appreciations book value as at 31 Dec 228, ,461 5,332 5,332 The difference between subsidiaries acquisition costs and the equity corresponding to the acquired share has been allocated to non-current assets. EUR 38.1 (38.1) million has been allocated to land areas. Entry fees Acquisition cost as at 1 Jan 25,160 23,507 Increases Decreases Transfers between items 631 1,538 book value as at 31 Dec 25,737 25,160 Buildings and structures Acquisition cost as at 1 Jan 2,135,180 2,010,731 Increases 49,157 57,653 Decreases -4,422-3,399 Transfers between items 55,857 70,195 Acquisition cost as at 31 Dec 2,235,772 2,135,180 Accumulated depreciation and impairment losses as at 1 Jan -454, ,778 Accumulated depreciation on decreases 1, Accumulated depreciation on transfers 7-14 Depreciation for the financial year -48,983-46,335 Accumulated depreciation and -502, ,358 impairment losses as at 31 Dec Appreciations 2,035 2,035 book value as at 31 Dec 1,735,763 1,682,857 The difference between subsidiaries acquisition costs and the equity corresponding to the acquired share has been allocated to non-current assets. EUR (139.4) million has been allocated to buildings. 25

3 Machinery and equipment Acquisition cost as at 1 Jan 12,301 11,983 2,315 2,205 Increases Decreases Transfers between items Acquisition cost as at 31 Dec 12,664 12,301 2,465 2,315 Accumulated depreciation and impairment losses as at 1 Jan -10,523-9,532-1,945-1,684 Accumulated depreciation on decreases Transfers between items 14 Depreciation for the financial year , Accumulated depreciation and -11,298-10,523-2,145-1,945 impairment losses as at 31 Dec book value as at 31 Dec 1,366 1, Other tangible assets Acquisition cost as at 1 Jan 8,619 6, Increases Decreases -2 0 Transfers between items 577 1,036 Acquisition cost as at 31 Dec 9,515 8, Accumulated depreciation and impairment losses as at 1 Jan -3,777-3, Accumulated depreciation on decreases 2 Accumulated depreciation on increases -1 Accumulated depreciation on transfers -7 0 Depreciation for the financial year Accumulated depreciation and -4,563-3, impairment losses as at 31 Dec book value as at 31 Dec 4,952 4, Advance payments and acquisitions in progress Acquisition cost as at 1 Jan 63,347 90,200 Increases 30,244 56,610 Decreases ,019 Transfers between items -58,782-79,443 book value as at 31 Dec 34,547 63,347 Appreciations Land and water areas Value as at 1 Jan / 31 Dec Buildings and structures Value as at 1 Jan / 31 Dec 2,035 2,035 Appreciations were recognised in the 1970s. The appreciations do not exceed the estimated market prices. 26

4 Investments Shares in subsidiaries Acquisition cost as at 1 Jan 75,871 75,871 Increases 10 Acquisition cost as at 31 Dec 75,881 75,871 Appreciations 2,119 2,119 book value as at 31 Dec 78,001 77,991 Shares in joint ventures Acquisition cost as at 1 Jan 10,117 8, Increases 327 1,538 Decreases Transfers between items 145 Acquisition cost as at 31 Dec 10,400 10, book value as at 31 Dec 10,400 10, Other securities and shares Acquisition cost as at 1 Jan 8,542 8, Increases Decreases Transfers between items 1, Acquisition cost as at 31 Dec 9,479 8, book value as at 31 Dec 9,479 8, Other receivables, advance payments Acquisition cost as at 1 Jan 2,794 1,682 Increases Transfers between items 404 1,008 Acquisition cost as at 31 Dec 3,286 2,794 book value as at 31 Dec 3,286 2,794 27

5 Parent company Group Domicile holding, % holding, % Group companies Mummunkujan Pysäköinti Oy Tampere Katajapysäköinti Oy Tampere Hatanpäänhovin Pysäköinti Oy Tampere VVO-group plc Asunto Oy Vantaan Kaneli Vantaa Asunto Oy Vantaan Kardemumma Vantaa Asunto Oy Vantaan Lauri Korpisen katu 10 Vantaa Asunto Oy Vantaan Lauri Korpisen katu 8 Vantaa Asunto Oy Vantaan Vanilja Vantaa Kiinteistö osakeyhtiö Pikkuhirvas Inari VVO Asumisoikeus Oy Helsinki VVO Asunnot Oy Helsinki VVO Kodit Oy Helsinki VVO Korkotukikiinteistöt Oy Helsinki VVO Palvelut Oy Helsinki VVO Vuokra-asunnot Oy Helsinki VVO Vuokratalot Oy Helsinki VVO Kodit Oy As Oy Kuopion Havuketo Kuopio As Oy Turun Puistokatu 12 Turku As Oy Vantaan Junkkarinkaari 7 Vantaa As. Oy Heinolan Korvenkaarre Heinola As. Oy Kuopion Kaarenkulma Kuopio As. Oy Malski 3 Lahti As. Oy Pihavaahtera Hollola As.Oy Hyvinkään Merino Hyvinkää As.Oy Hyvinkään Mohair Hyvinkää AsOy Helsingin Vuorenpeikontie 5 Helsinki Asunto Oy Espoon Klariksenkallio Espoo Asunto Oy Espoon Matinniitynkuja 7 Espoo Asunto Oy Espoon Soukanrinne Espoo Asunto Oy Espoon Suurpellon Puistokatu G Espoo Asunto Oy Espoon Suurpellon Puistokatu H Espoo Asunto Oy Helsingin Capellan puistotie 4 Helsinki Asunto Oy Helsingin Haapaniemenkatu 11 Helsinki Asunto Oy Helsingin Hopeatie 9 Helsinki Asunto Oy Helsingin Katariinankartano Helsinki Asunto Oy Helsingin Katariinankoski Helsinki Asunto Oy Helsingin Koskikartano Helsinki Asunto Oy Helsingin Maasälväntie 5 ja 9 Helsinki Asunto Oy Helsingin Marjatanportti Helsinki Asunto Oy Helsingin Plazankuja 5 Helsinki Asunto Oy Helsingin Posetiivari Helsinki Asunto Oy Helsingin Ratarinne Helsinki Asunto Oy Helsingin Risupadontie 6 Helsinki Asunto Oy Helsingin Sörnäistenkatu 12 Helsinki Asunto Oy Helsingin Tilketori 2 Helsinki Asunto Oy Helsingin Tuulensuunkuja 3 Helsinki Asunto Oy Helsingin Valanportti Helsinki Asunto Oy Hilapellontie 2 b Helsinki Asunto Oy Hämeenlinnan Kajakulma Hämeenlinna

6 Parent company Group Domicile holding. % holding. % Asunto Oy Hämeenlinnan Turuntie 38 Hämeenlinna Asunto Oy Hämeenlinnan Uusi-Jukola Hämeenlinna Asunto Oy Hämeentie 48 Helsinki Asunto Oy Joensuun Rantakylänkatu 17 Joensuu Asunto Oy Jyväskylän Harjunarkadi Jyväskylä Asunto Oy Jyväskylän Tellervonkatu 8 Jyväskylä Asunto Oy Järvenpään Reki-Valko Järvenpää Asunto Oy Kauniaisten Asematie 10 Kauniainen Asunto Oy Kauniaisten Asematie Kauniainen Asunto Oy Kauniaisten Bredantie 8 Kauniainen Asunto Oy Kauniaisten Thurmaninpuistotie 2 Kauniainen Asunto Oy Keravan Eerontie 3 Kerava Asunto Oy Keravan Palopolku 3 Kerava Asunto Oy Kivivuorenkuja 1 Vantaa Asunto Oy Kivivuorenkuja 3 Vantaa Asunto Oy Kuopion Sompatie 7 Kuopio Asunto Oy Kuopion Sompatie 9 Kuopio Asunto Oy Lahden Regattahovi Lahti Asunto Oy Lappeenrannan Gallerianpolku Lappeenranta Asunto Oy Lappeenrannan Upseeritie 12 Lappeenranta Asunto Oy Oulun Tervahanhi Oulu Asunto Oy Pirtinketosato Kuopio Asunto Oy Pohtolan Kynnys Espoo Asunto Oy Pohtolan Kytö Espoo Asunto Oy Pohtolan Pohja Espoo Asunto Oy Porin Kansankulma Pori Asunto Oy Rautamasuuni Oulu Asunto Oy Rientolanhovi Tampere Asunto Oy Riihimäen Mäkiraitti 17 Riihimäki Asunto Oy Rovaniemen Koskikatu 9 Rovaniemi Asunto Oy Rovaniemen Pohjolankatu 11 Rovaniemi Asunto Oy Rovaniemen Tukkivartio Rovaniemi Asunto Oy Salamankulma Turku Asunto Oy Tampereen Nuolialantie 44 Tampere Asunto Oy Tampereen Tuomiokirkonkatu 32 Tampere Asunto Oy Toppilan Tuulentie 2 Oulu Asunto Oy Tuiran Komuntalo Oulu Asunto Oy Turun Ketokaunokki Turku Asunto Oy Turun Niittyvilla Turku Asunto Oy Turun Vänrikinkatu 2 Turku Asunto Oy Vantaan Keikarinkuja 3 Vantaa Asunto Oy Vantaan Kilterinaukio 4 Vantaa Asunto Oy Vantaan Kilterinkaari 2 Vantaa Asunto Oy Vantaan Krassitie 8 Vantaa Asunto Oy Vantaan Leinelänkaari 14 Vantaa Asunto Oy Vantaan Neilikkapolku Vantaa Asunto Oy Vantaan Pyhtäänkorvenkuja 4 ja 6 Vantaa Asunto Oy Vantaan Tammistonvuori Vantaa Asunto Oy Verkkotie 3 Hämeenlinna Asunto Oy Vähäntuvantie 6 Helsinki Kiint. Oy Taivaskero 2 Vantaa Kiinteistö Oy Kavallinterassit Kauniainen Kiinteistö Oy Saarensahra Tampere Kiinteistö Oy Satonkaarre Kaarina

7 Parent company Group Domicile holding, % holding, % Kiinteistö Oy Siilinjärven Kirkkorinne Siilinjärvi Kiinteistö Oy Tuureporin Liiketalo Turku Kiinteistö Oy Vantaan Pyhtäänpolku Vantaa Kiinteistö Oy Vantaan Vilhelmiina Vantaa Kiinteistö Oy Ylä-Malmintori Helsinki Kiinteistöosakeyhtiö Näsilinnankatu 40 Tampere Volaria Oy Helsinki VVO Asunnot Oy Asunto Oy Espoon Klariksentie 2 Espoo Asunto Oy Espoon Piilipuuntie 11 Espoo Asunto Oy Espoon Piilipuuntie 7 Espoo Asunto Oy Espoon Piilipuuntie 9 Espoo Asunto Oy Helsingin Helminauha Helsinki Asunto Oy Helsingin Plyymi Helsinki Asunto Oy Helsingin Puuhka Helsinki Asunto Oy Helsingin Silkkinauha Helsinki Asunto Oy Helsingin Soittajantie 2 Helsinki Asunto Oy Helsingin Viuhka Helsinki Asunto Oy Kouvolan Viirikaari Kouvola Asunto Oy Kuopion Papinkuja 3 Kuopio Asunto Oy Kuopion Papinkuja 7 Kuopio Asunto Oy Päivöläntie 25 Helsinki Asunto Oy Turun Aurinkorinne Turku Asunto Oy Vantaan Kilterinmännikkö Vantaa Asunto Oy Vihdin Pajuniitty Vihti Kiinteistö Oy Espoon Lyhtykuja Espoo Kiinteistö Oy Lappeenrannan Koulukatu 1 Lappeenranta Kiinteistö Oy Loviisanlinna-Lovisaborg Fastighets Ab Loviisa Kiinteistö Oy Mannerheimintie 168 Helsinki Kiinteistö Oy Vantaan Kilterinhovi Vantaa Kiinteistö Oy Vantaan Kilterinkartano Vantaa Kiinteistö Oy Vantaan Kilterinpiha Vantaa Kiinteistö Oy Vantaan Kilterinrinne 6 Vantaa Kiinteistö Oy Vantaan Viktoria Vantaa VVO Vuokra-asunnot Oy Asunto Oy Helsingin Kauppakartanonkuja 3 Helsinki Asunto Oy Jyväskylän maalaiskunnan Pohjantikka Jyväskylä Asunto Oy Järvenpään Rekivatro Järvenpää Asunto Oy Lappeenrannan Nurmelanpirtti Lappeenranta Asunto Oy Vantaan Aerolan A-talot Vantaa Asunto Oy Vantaan Aerolan B-talot Vantaa Kiinteistö Oy Malminhaka Tampere Äyhönjärven Autopaikoitus Oy Rauma VVO Vuokratalot Oy Asunto Oy Espoon Asemakuja 1 Espoo Asunto Oy Espoon Piilipuuntie 25 Espoo Asunto Oy Espoon Piilipuuntie 31 Espoo Asunto Oy Kuopion Niemenkatu 5 Kuopio Kiinteistö Oy Hovirinnan Luumu Kaarina Kiinteistö Oy Kanavanpirtti Lappeenranta

8 Parent company Group Domicile holding, % holding, % Kiinteistö Oy Nummenperttu Hämeenlinna Kiinteistö Oy Oulun Kotkankynsi Oulu Kiinteistö Oy Puotipuksu Jyväskylä Kiinteistö Oy Tuiranmaja Oulu Fastighets Ab Lovisa Ulrikaborg Kiinteistö Oy Loviisa Kiinteistö Oy Vaakamestarinpolku 2 Helsinki Kiinteistö Oy Vehnäpelto Vantaa Tikantupa Oy Jyväskylä Kiinteistö Oy Vehnäpelto Kiinteistö Oy Viljapelto Vantaa VVO Korkotukikiinteistöt Oy Asunto Oy Kuopion Vilhelmiina Kuopio Kiinteistö Oy Tampereen Kyllikinkatu 15 Tampere Kiinteistö Oy Vantaan Karhunkierros 1 C Vantaa VVO Palvelut Oy Koy Mannerheimintie 168a Helsinki Joint ventures VVO-group plc Asunto Oy Nilsiän Ski Nilsiä Suomen Asumisoikeus Oy Helsinki SV-Asunnot Oy Helsinki VVO Asunnot Oy As. Oy Järvenpään Jampanpaju Järvenpää Asunto Oy Ikaalisten Päiväniitty Ikaalinen Fastighets Ab Lovisa Stenborg Kiinteistö Oy Loviisa Hatanpäänhovin Pysäköinti Oy Tampere Kanniston Huolto Oy Kerava Kiinteistö Oy Ahdinluoto Espoo Kiinteistö Oy Jyrkkälänpolku Turku Kiinteistö Oy Silkkirivi Ikaalinen Kiinteistö Oy Tampereen Taijan Parkki Tampere Kiinteistö Oy Vantaan Puunhaltijakujan Parkki Vantaa Mummunkujan pysäköinti Oy Tampere Popinniemen Lämpö Oy Kotka Ristikedonkadun Lämpö Oy Salo SKIPA Kiinteistöpalvelut Oy Espoo Tamppi Pysäköinti Oy Tampere Veturitallin Parkki Oy Jyväskylä VVO Vuokratalot Oy As Oy Laitilan Tanhuantie Laitila Asunto Oy Laitilan Mirjaminpuisto Laitila Kiinteistö Oy Viljapelto Vantaa Fastighets Ab Bärvägen Finström Kiinteistö Oy Ahjolansato Iisalmi Kiinteistö Oy Keinulaudantie 4 Helsinki Pajalan Parkki Oy Järvenpää

9 Parent company Group Domicile holding, % holding, % VVO Korkotukikiinteistöt Oy Kiinteistö Oy Myllytullin Autotalo Oulu Lintulammenkadun Pysäköintilaitos oy Kerava Paavolan Parkki Oy Lahti Ruukuntekijäntien paikoitus Oy Vantaa Virvatulentien Pysäköinti Oy Helsinki VVO Kodit Oy Asunto Oy Kuopion Vilhelmiina Kuopio Hatanpäänhovin Pysäköinti Oy Tampere Katajapysäköinti Oy Tampere Kiinteistö Oy Helsingin Eliaksentalo 1 Helsinki Kiinteistö Oy Jyväskylän Torikulma Jyväskylä Kiinteistö Oy Oulun Tullivahdin Parkki Oulu Kiinteistö Oy Lappeenrannan Koulukatu 1 Lappeenranta Kiinteistö Oy Mannerheimintie 168 Helsinki Kiinteistö Oy Tampereen Kyllikinkatu 15 Tampere Marin autopaikat Oy Espoo Mummunkujan pysäköinti Oy Tampere Pihlajapysäköinti Oy Tampere Other joint ventures VVO Group Kirkkonummen Huolto Oy Kirkkonummi VVO Vuokratalot Oy VVO Asunnot Oy 3.27 VVO Group Ruukinpuiston Pysäköinti Oy Kerava VVO Korkotukikiinteistöt Oy 9.93 VVO Kodit Oy All associates apart from Suomen Asumisoikeus Oy and SV-Asunnot Oy have been consolidated using the equity method. 32

10 Inventories Inventory shares 13,443 20,216 Land areas and other inventories 28,495 28,922 Total inventories as at 31 Dec 41,938 49,139 Receivables Non-current Loan receivables from Group companies 61,547 61,547 Receivables from joint ventures Loan receivables Loan receivables Other receivables 1, ,055 Accrued income Total non-current receivables 1, ,785 61,729 Current Accounts receivable 6,586 6, Receivables from Group companies Accounts receivable Loan receivables 8, Other receivables 24,386 32,395 Receivables from joint ventures Loan receivables Loan receivables Other receivables 1, Accrued income 2,274 1, Total current receivables 11,408 9,169 33,532 34,214 Financial securities Securities and shares Replacement value (without interest) 41,955 37,055 12,924 12,277 Book value 39,682 36,277 11,631 11,723 Difference 2, , Financial securities include fund shares, bonds, company shares and other similar publicly traded investments. Equity Share capital as at 1 Jan / 31 Dec 58,025 58,025 58,025 58,025 Share premium as at 1 Jan / 31 Dec 35,786 35,786 35,786 35,786 Revaluation reserve as at 1 Jan 1,600 1,568 2,119 2,119 Increase 32 Revaluation reserve as at 31 Dec 1,600 1,600 2,119 2,119 Contingency fund as at 1 Jan / 31 Dec Reserve for invested unrestricted equity as at 1 Jan / 31 Dec 17,856 17,856 17,856 17,856 33

11 Retained earnings as at 1 Jan 291, ,860 25,673 24,891 Dividend distribution -11,844-11,104-11,844-11,104 Adjustment for the previous financial year * ) -1,422 Retained earnings as at 31 Dec 279, ,334 13,829 13,787 Profit for the period 51,516 44,776 12,245 11,886 Total equity 444, , , ,476 * ) Retained earnings has been adjusted by EUR 0.0 (-1.4) million by virtue of VVO Rakennuttaja s degree of completion adjustment. Calculation on distributable equity as at 31 Dec Reserve for invested unrestricted equity 17,856 17,856 Retained earnings 13,829 13,787 Profit for the period 12,245 11,886 Total 43,929 43, The parent company s share capital is divided by share class as follows: shares shares Series A (20 votes per share) 7,402,560 7,402,560 Group Group Parent company Parent company Accumulated appropriations Accumulated depreciation difference as at 1 Jan Changes -4 4 Accumulated depreciation difference as at 31 Dec Statutory provisions Other statutory provisions 1,474 2,026 The statutory provisions include guarantee reserves for VVO Kodit Oy s (VVO Rakennuttaja Oy s) founder construction based on experience, to the amount of EUR 1.5 (2.0) million. Deferred tax assets and liabilities Due to appropriations Calculated on depreciation difference Value as at 1 Jan 27,055 24,248 Increases 4,025 2,883 Decreases Value as at 31 Dec 31,070 27,055 Calculated on residential housing reserve Value as at 1 Jan 72,656 72,126 Increases 6,198 4,245 Decreases -2,238-3,716 Value as at 31 Dec 76,616 72,656 34

12 Calculated on consolidation measures Deferred tax liabilities Value as at 1 Jan 7,965 5,974 Increases 5 2,340 Decreases Value as at 31 Dec 7,790 7,965 Deferred tax assets Value as at 1 Jan -4,919-5,540 Increases -1,758-1,224 Decreases 1,273 1,845 Value as at 31 Dec -5,403-4,919 Total deferred tax liabilities as at 31 Dec 110, ,757 Non-current liabilities Deferred tax liabilities 110, ,757 Subordinated loans 2,355 2,355 Loans from financial institutions Primary loans 431 1,540 Mortgages 2,211 3,135 State-subsidised loans 315, ,558 Interest-subsidy loans 597, ,422 Third-sector loans 3,701 5,060 Other non-current loans 638, ,485 8,248 10,773 Received advance payments Trade payables 2 Debts to Group companies Promissory notes 5,229 Other debts 7,369 13,582 Total non-current liabilities 1,677,275 1,676,928 13,477 10,773 Derivatives Interest rate swaps * ) Nominal value 317, ,889 8,040 8,443 Valuation -36,445-14, * ) The bank may change the interest rate for some swaps in certain situations. Interest rate swaps to be dissolved ** ) Nominal value 10,000 97,750 Valuation -2,167-10,554 ** ) The bank may dissolve the interest rate hedging in certain situations. Interest rate options bought and written Nominal value 24,990 37,676 Valuation Total Nominal value 352, ,315 8,040 8,443 Fair value -39,185-25,

13 Swaptions Nominal value 28,010 Fair value -2,422 Of the above-mentioned valuation differences, only swaptions have been recognised through profit or loss. The average maturity of derivatives is 6 (3) years. Current liabilities Loans from financial institutions Instalments of primary loans in the next financial year 1,109 1,273 Instalments of mortgages in the next financial year Instalments of state-subsidised loans in the next financial year 7,090 7,125 Instalments of interest-subsidy loans in the next financial year 10,093 11,820 Instalments of third-sector loans in the next financial year Instalments of additional loans in the next financial year 101 Instalments of other current loans in the next financial year 29,704 22,561 2, Overdraught limits 6,000 Received advance payments 5,578 5,145 Trade payables 5,491 4, Liabilities to Group companies Trade payables 1 12 Other debts 153 9,931 Other debts 59,294 71,635 43,535 52,810 Accrued expenses Accrued interest payable 14,567 13, Payroll including social security contributions 6,641 4,531 1, Tax liabilities 4,061 3, Construction 1,142 1,142 Other accrued expenses 2,879 2,740 Total current liabilities 148, ,801 48,372 65,343 Subordinated loans Subordinated loan of Suomen Vuokratalot Oy, 2001 Suomen Vuokratalot Oy received a subordinated loan of EUR 2,354, from the City of Tampere in 2011, on the following loan terms: The loan shall be repaid in 20 years. The interest rate is fixed at 5.5 per cent per annum for the first five years, and thereafter the sixmonth Euribor rate plus 0.75 percentage points. The loan interest will be paid only if the amount to be paid is available for profit distribution in accordance with the company s latest confirmed balance sheet. The interest rates are accrued in the financial statements. Suomen Vuokratalot Oy has merged with VVO Kodit Oy, and the subordinated loan was transferred to VVO Kodit Oy under the same terms and conditions. Related party transactions In 2011, VVO Kodit Oy purchased a 46.3 per cent holding in As. Oy Helsingin Haapaniemenkatu 11 from the Varma Mutual Pension Insurance Company. Varma has a per cent 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 itself to constructing a building for the union. The building was completed in The Trade Union for the Public and Welfare Sectors has a 8.18 per cent holding in VVO-group plc. 36