2 Verkkokauppa.com Oy and Tallink Silja sites in Jätkäsaari, Helsinki. 11
3 4 The Board s Review 7 Management 10 Building operations 24 Building Services 30 Consolidated income statement and balance sheet
4 4 Board Maarit Hartela-Varkki Heikki Hartela Hanna Kuusniemi Lasse Johansson
5 5 The Board s Review Operations during the financial year Hartela Group completed its 69th year of operations in The Group s turnover grew significantly and the Group s equity ratio continued to strengthen. The Group companies building, electrical and mechanical contracting remained focused on established operating areas in the Helsinki Metropolitan Area and the Lahti, Porvoo, Turku, Rauma, Tampere and Oulu regions. As before, foreign operations were conducted through subsidiaries in Russia. The Group s outstanding work decreased but still remained at a good level. Operating profit declined due to individual economically unsuccessful projects and the fact that significant on-going developer-driven projects will only be entered in the profit and loss account this and the following year as they are sold. Housing construction was subject to growth in 2011 at Hartela. It was a record year in the sales of apartments, and the total sales value of apartments was more than EUR 90 million. Also a record number of rental apartments was completed. Despite the increase in cost levels, the profitability of housing construction stayed good. The number of completed apartments on sale decreased to the lowest level in years. Office and commercial premises under construction were at a high level, but fewer construction projects were commenced, forecasting a lower production rate in The building contracting market remained very competitive and its share of outstanding work was reduced significantly. The Building Services subsidiaries were focused on Southern and Southwest Finland and the Tampere region. The market continues to be very tight in building services, but the result was still reasonable despite the increased volume. Turnover and financial performance The parent company financial statements and the consolidated financial statements have been drawn up on the percentage-ofcompletion principle; construction projects are thus entered in the profit and loss account on the basis of their degree of completion. The consolidated turnover was EUR 403 million (293 million in 2010). The Group s profitability decreased. Its operating profit was 1.5% (4.7%) and equity ratio was 47.4% (45.8%). Besides the parent company, Rakennusosakeyhtiö Hartela, the key subsidiaries turnover was as follows: Hartela Oy, EUR 150 million; Hartela Kiinteistömarkkinointi Oy, EUR 52 million; Hartela Kiinteistömyynti Oy, EUR 39 million; Hartela-Forum Oy, EUR 26 million; and the Hartela Building Services subgroup, EUR 46 million. The Group s financial position remained very good, and the Group s net cash flow showed a surplus of EUR 11 million. Production and order books In the year under review, the volume of domestic production completed by Rakennusosakeyhtiö Hartela, Hartela Oy and Hartela-Forum Oy amounted to million m 3, of which 48% was housing, 52% commercial and industrial construction and 0% public construction. A total of 1,045 residential homes were completed. At the end of the financial year, approximately 1,400 apartments were under construction. A total of 37 completed homes remained unsold at the end of the year. At year-end, the volume of orders not yet invoiced stood at EUR 306 million. Administrative bodies Maarit Hartela-Varkki chaired the Board of Directors of the parent company, with Heikki Hartela, Hanna Kuusniemi and Lasse Johansson as regular Board members. Lasse Johansson was the Group s Managing Director. The auditors were Authorised Public Accountants KPMG Oy Ab, with Mikko Haavisto, APA, as auditor-in-charge. Outlook for the current financial period We estimate the turnover of 2012 to be approximately EUR 350 million. We expect profitability to grow clearly. In summer 2011, Hartela started restructuring the Group with the purpose of enabling growth both organically and through acquisitions. The restructuring centralises all financial operations, capital management and the development function of the Group in such a way that all Group companies have centralised access to services. Hartela s strong financial standing and long-term project development allow the Group to maintain its planned developerdriven projects regardless of the economic cycle, thereby also safeguarding the position of our staff in the future. We would like to extend a warm thank you to our customers and partners for the confidence they have shown in our activities, and to the entire Group staff for their outstanding contribution to building our common future. Rakennusosakeyhtiö Hartela Board of Directors
6 6 KEY FIGURES Operating profit, % of turnover 1,5 Interest expense, net, % of turnover 0,9 Profit before extraordinary items, % of turnover 0,7 Return on capital employed, % 2,3 Equity to assets ratio, % 47,4 Quick ratio 1,6 HARTELA Forum Oy 100 % Janne Alakomi, rakennuspäällikkö 100 % Hartela Kiinteistömarkkinointi Oy Forum Hartela Forum Oy Oy Kiinteistömyynti Oy 100 % HARTELA OY 100 % Rakennusosakeyhtiö HARTELA 100 % O. Salonen Oy 67,5 % KJ-Kiinteistöjohto Oy 100 % 100 % HT-Sähköpalvelu Oy Saipu Oy 100 % HARTELA Building Services Ltd 100 % Turun Valo ja Voima Oy Hartela Group Real estate development and construction in the Helsinki and Lahti Regions, export operations Real estate development and construction in the Turku, Tampere, Rauma, Tammisaari Regions Building Services (electrical and mechanical contracting) Real estate development and construction in the Oulu Region
7 7 Helsinki Metropolitan Area, Lahti region and export operations Rakennusosakeyhtiö Hartela Hartela Kiinteistömarkkinointi Oy MANAGEMENT Lasse Johansson, Managing Director HOUSING CONSTRUCTION, LAND ACQUISITION AND PROPERTY DEVELOPMENT Tuomo Vänskä, Deputy Managing Director Jouni Kekki, Construction Manager Janne Alakomi, Construction Manager Timo Torniainen, Construction Manager Ulla Kangasmaa, Project Manager Jukka Haataja, Housing Sales Manager Saini Nousiainen, Property Administration Manager BUSINESS PREMISES CONSTRUCTION AND PROPERTY DEVELOPMENT Kimmo Aspholm, Deputy Managing Director Helena Kangas, Account Manager Sari Raunio, Project Manager Hannu Räikkönen, Project Manager Ari Koskenoja, Construction Manager Helena Sysiö, Property Manager Jouko Niemi, Project Manager BUILDING CONTRACTING Matti-Pekka Jalonen, Production Director Harri Rinne, Project Manager TENDERING AND COST ESTIMATES Anssi Kemppinen, Tendering Department Manager PURCHASING Seija Jokela, Purchasing Manager DEVELOPMENT Kari Varkki, Development Director/production Tero Vanhanen Development Director/ design Maarit Hartela-Varkki, Training Manager EXPORT Aki Kosonen, Managing Director TECHNICAL SERVICES Markku Utriainen, Deputy Director Ilkka Kruusi, Equipment and Machinery Manager Tiia Tuomi, Safety Manager FINANCIAL DEPARTMENT Pertti Purovesi, Financial Director Pentti Uutela, Deputy Director COMMUNICATIONS AND MARKETING Ville Kuusniemi, Communications Director LAHTI REGIONAL OFFICE Olli-Pekka Teerijoki, Area Manager Petri Nousiainen, Project Manager Seppo Tuominen, Project Manager Turku, Rauma and Tampere regions Hartela Oy Hartela Kiinteistömyynti Oy MANAGEMENT Kari Mäkelä, Managing Director COMMERCIAL ACTIVITIES AND SPECIALIST DEPARTMENTS Timo Lundstedt, Director Kimmo Arjasmaa, Director Auno Heininen, Painting Department Manager Risto Niinivirta, Product Manager Jari Tausa, Equipment and Machinery Manager BUILDING CONSTRUCTION Jukka Mäkinen, Production Director Ari Laanti, Project Manager Jukka Ståhlberg, Project Manager Jukka Teräväinen, Project Manager Salme Vänttinen, Project Manager Petri Hyttinen, Project Manager Kari Saarinen, Project Manager Petteri Uusitalo, Development Manager Marko Cavén, Customer Service Manager Erja Sjöberg, Quality Control Engineer DESIGN Kalle Tammi, Design Manager Outi Reuter, Design Manager TENDERING AND COST ESTIMATES Torsti Mäkelä, Tendering Department Manager PURCHASING Arto Ek, Purchasing Manager, retired Tapani Elo, Purchasing Manager Tommi Saarinen, Purchasing Manager, FINANCIAL AND OFFICE OPERATIONS Ilkka Vähätalo, Financial Manager, retired Johan Nordström, Financial Manager & Controller Asmo Liski, IT Manager TAMPERE REGIONAL OFFICE Tom Olli, Area Manager Tapio Rantala, Construction Manager Antti Välkki, Project Manager RAUMA REGIONAL OFFICE Timo Lundstedt, Area Manager Hannu Kivikkola, Project Manager Jouko Salonen, Project Manager Aimo Valtonen, Project Manager TAMMISAARI REGIONAL OFFICE Ann-Marie Vainio, Project Manager, Jukka Teräväinen, Project Manager, HARTELA KIINTEISTÖMYYNTI OY Hanna Kuusniemi, Managing Director Päivi Tausa, Housing Sales Manager Oulu region Hartela-Forum Oy MANAGEMENT Raimo Pahkala, Managing Director Kalervo Karhatsu, Construction Manager Timo Piippo, Project Manager Mikko Kilpi, Construction Manager Heikki Lind, Tendering Department Manager Pekka Riekki, Purchasing Manager Maarit Pekkala, Financial Manager Jouni Puurunen, Sales Manager Electrical and mechanical contracting Hartela Building Services Ltd HARTELA BUILDING SERVICES LTD Seppo Hautala, Managing Director SAIPU OY Olli Lintula, Managing Director Virpi Parviainen, Office Manager Heikki Hartikainen, Area Manager, Helsinki region Arto Taivassalo, Project Manager, Helsinki region Janne-Matti Hiltunen, Project Manager, Helsinki region Veli-Matti Mustonen, Project Manager, Helsinki region Harri Valijärvi, Project Manager, Helsinki region Rabbe Österlund, HVAC Maintenance Markku Loikkanen, Area Manager, South-Eastern Finland Antti Pukkila, Area Manager, Turku region Timo Eskolin, Project Manager, Turku region Arto Mäkinen, Area Manager, Service and Maintenance, Turku Simo Kortelainen, Project Manager, Service and Maintenance, Turku Juha Viljakainen, Area Manager, Moscow HT-SÄHKÖPALVELU OY Vesa Paajanen, Managing Director Mika Rinkinen, Area Manager, Helsinki region Jukka Matilainen, Project Manager, Helsinki region Ilkka Hack, Project Manager, Helsinki Region Juho Rekiranta, Project Engineer, Helsinki region Rauli Niskanen, Area Manager, Lahti region Timo Järvinen, Project Manager, Lahti region Sami Salo, Area Manager, Tampere region Olli Mäkynen, Project Manager, Tampere region Tapani Raitavuo, Planning Manager Jukka Huotari, Tendering and Cost Estimates Timo Peltonen, Purchasing Manager TURUN VALO JA VOIMA OY Kari Pirttisalo, Managing Director Riitta Ojala, Office Manager Arto Pekonen, Field Manager Markku Iso-Ilomäki, Project Manager Patrik Ginström, Project Manager Ari Ahonen, Tendering and Cost Estimates Juhani Kauhava, Tendering and Cost Estimates
8 8 Hartela Group Tuomo Vänskä varatoimitusjohtaja Helsinki Tuomo Vänskä Deputy Managing Director Helsinki Kari Mäkelä johtaja Turku Kari Mäkelä Managing Director Hartela Oy Turku Kimmo Aspholm Deputy Managing Director Helsinki Olli-Pekka Teerijoki aluejohtaja Lahti Kari Pirttisalo Kari Pirttisalo toimitusjohtaja Managing Director Turun Valo ja Voima Turun Valo ja Voima Oy Timo Lundstedt johtaja Turku/Rauma varatoimitusjohtaja Helsinki Vesa Paajanen Managing Director HT-Sähköpalvelu Oy Raimo Pahkala Managing Director Hartela-Forum Oy Oulu Pertti Purovesi Financial Director Helsinki Timo Lundstedt Director Turku/Rauma
9 9 Management Juhani Elo tuotantojohtaja Turku a Oy Olli-Pekka Teerijoki Area Managerr Lahti Tuomo Kimmo Vänskä Arjasmaa varatoimitusjohtaja Director Helsinki Turku Kimmo Aspholm varatoimitusjohtaja Helsinki Seppo Tuomo Hautala Vänskä Managing varatoimitusjohtaja Director Hartela Helsinki Talotekniikka Oy Olli Lintula toimitusjohtaja Saipu Oy Tom Olli Area Managerr Tampere Matti-Pekka Jalonen Tuomo Vänskä Production Director varatoimitusjohtaja Helsinki Helsinki Olli Lintula Managing Director Saipu Oy Tuomo Jukka Vänskä Mäkinen Tuomo Vänskä varatoimitusjohtaja Production Director varatoimitusjohtaja Helsinki Turku Helsinki
10 10 1 Mårtensbro skola och daghem. Primary school, nursery school and daycare centre for Swedish-speaking children in Espoo. 1 Suunnitteilla oleva Keilaranta Tower Espoon Keilaniemessä tulee olemaan pääkaupunkiseudun näkyvä maamerkki.
11 11 Building operations The building cycle turned in Finland in summer 2011, shifting the growth that continued through the previous winter into a slight decline. The rising of cost levels that started already in 2010 and capacity issues caused problems for the entire building industry. The effects of the rising cost levels were emphasised in subcontracting with a cost increase exceeding the indices. The number of commenced construction projects was reduced in the autumn with the new culmination of the global financial market crisis. On the other hand, as expectations on the interest level turned to a decline again, the market-financed housing market remained relatively active also in the autumn. Apartment sales were very active at Hartela in spring 2011, with a steep decrease at the beginning of the autumn, then continuing steadily at the lower level for the remainder of the year. This meant that new constructions could be commenced as planned. The development in apartment sales at the beginning of 2012 follows a more stable trend, and we will also be commencing almost the normal number of new projects this year. Cost management in housing production was quite successful, mainly because in the case of housing production, construction timetables can be determined before starting construction, taking the economic cycle and capacity into account better than in the construction of office and commercial premises. The maximum number of apartments under construction was 1,700 all around Finland, and even at the end of the year, the number was 1,400. Almost all of them were based on our plot assets and plans. An unusually low number of completed market-financed homes remained for sale at the end of the year, only 37. The sales rates of sites under construction were also good. Hartela had more than the usual number of office and commercial premises under construction in various parts of Finland. The number of new sites commenced in the autumn was significantly lower than usual, however, as the threat of economic recession grew in Finland. The management of costs and especially planning were not successful in all of our office and commercial premises projects, leading to a significant drop in profitability. The most relevant goal for the customers i.e. the timely commissioning of buildings was, however, successfully ensured. Investor interest towards good sites remained solid last year, and all locations intended for sale were sold to final investors as planned. The outlook for new office and business premises is poorer than before 2012 with the exception of trade premises. The market of competitive tender contracting was tight last year in all municipalities where we operate, and the number of locations was markedly reduced. Public administration savings are likely to mean that the number of new projects this year will decrease rather than increase, and we are not expecting a better market situation for these projects. The total construction volume at Hartela will decrease slightly in We do, however, expect an improved profitability as the last year s decrease in profitability was mainly caused by individual projects. The number of projects available to constructors from public officials will decrease because of economic goals, especially in the field of new construction. The outlook in housing construction is still the most positive one, as no general excess supply or decrease of demand is in sight in the market. Despite the recovery of other forms of investment, investor interest in both commercial and housing locations seems to remain steady even in this economic cycle. There also seem to be no marked changes in the profitability requirements of investors, meaning that a lack of interest from final investors should not prevent commencing good projects. For several years already, Hartela s construction operations have been based on our plots and the housing and commercial construction projects developed based on them, as well as a cost-efficient implementation. Our established presence in the nationally most important regions for construction and our own permanent staff allow us to continue along these lines regardless of the economic cycle. 2 We are implementing the refurbishment of the old Art Factory and an extensive new construction project consisting of office and business premises, parking garages and housing in the Porvoo Art Factory area.
12 The Logomo Hall, also used as the main stage of the European Capital of Culture year 2011, is part of phase 1 of the project. When completed, Logomo will be used as a centre for creative arts in Turku, offering premises for both office use and events. 4 Haarla s 61-apartment service home in Hirvensalo, Turku, is another example of our extensive service home production all over Finland. 5 5 K-Citymarket Länsikeskus in Turku underwent an extensive refurbishment and a small extension. Turun Valo ja Voima, part of Hartela Building Services, was responsible for electrical contracting. The store stayed open throughout the project. 6 The Liminka library represents elegant and functional contemporary architecture. 6
13 7 An elegant six-storey office building was completed during the year for Tallink Silja in Jätkäsaari, Helsinki. Next to it, another six-storey business building with store and storage facilities is being constructed for Verkkokauppa.com. 13
14 We are constructing an almost eight-hectare logistics centre for Itella Logistics Oy in Pennala, south of Lahti. 10 The Mäntynummi school centre, Lohja, underwent a refurbishment of the secondary school. 11 KOy Arinaparkki Vantaa is a four-storey parking garage and parking place for a total of 256 cars in Kartanonkoski, Vantaa. 12 Barnens Väl in Karjaa is a two-storey children s home we implemented for Samfundet Folkhälsan r.f. The project also included an extension of the rehabilitation unit.
15 The ninth office building is being built on the Quartetto Business Campus in Säteri, Espoo. 13 Swing Plus in Keilaniemi, Espoo, is the second phase of the Swing Life Science Center. This office building with eight stories and two underground floors will be completed in spring
16 Kuunarinranta is a unique housing site completed on the Kirkkosalmi sound shoreline in Parainen, constructed using modular units. 15 As Oy Oulun Merilinja is a three-storey block of flats with 33 apartments built in Toppilansaari, Oulu. 16 As Oy Lahden Hyrrä will be completed in spring This elegant five-storey block of flats contains 27 apartments
17 17 17 Liedon Airikintie is a complex of five two-storey terraced houses and gallery access blocks we built for TA-Asumisoikeus Oy in the historic Vanhalinna district. 18 As Oy Oulun Repovainio was completed in Välivainio, Oulu. The five-storey block of flats houses 36 apartments
18 Helsingin keskeisimmällä paikalla, 2 Rauta tientorin äärellä saneeraamme vuonna 1913 rakennetun Lack manin talona tunnetun arvokiinteistön As Oy Vantaan asuinkäyttöön. Taloon tulee 27 korkealuokkaista Tornimäenpuisto will asuntoa. be Saman tontin completed sisäpihalle in spring 2012 nousee nykyarkkitehtuuria in Hiekkaharju, edustava Vantaa. 31 asunnon It is asuinkerrostalo. a five-storey, two-staircase rental apartment building implemented as an ARA housing 10-year interest subsidy project. 3 Espoon Painiityn alueelle nousee toimestamme tulevien vuosien aikana viihtyisä esikaupunkikylä, jonka suunnit telussa on erityistä painoa annettu asukasviihtyvyydelle. Pientalopainotteiselle alueelle tulee myös seniori asuntoja, joka mahdollistaa usean sukupolven asumisen kylämäisesti lähellä toisiaan.
19 As Oy Oulun Repolinna was completed in Välivainio, Oulu. This six-storey block of flats completed with a 10-year interest subsidy houses 76 apartments The Espoo Painiitty district is our largest district construction project in the Helsinki Metropolitan Area. A total of 176 apartments in one-family houses, semi-detached houses and blocks of flats were under construction in Painiitty. As Oy Joutsenpuisto 7 is a block of flats consisting of 100 rental studios and a parking garage that we constructed for Suomen Laatuasunnot Oy As Oy Pikku-Heikki edustaa uudisajattelua seniori-ikäisten asumisessa. Talo on yhdyskäytävällä kiinni aiemmin rakennetussa palvelutalossa, jonka kaikki palvelut ovat myös Pikku-Heikin asukkaiden hyödynnettävissä. Tässä 28 huoneiston talossa on erittäin korkea turvallisuustaso automaattista palonsammutusjärjestelmää, turvaliesiä ja videovalvontaa myöden Sorvarinkatu 26 in the Tornator district of Lahti is a six to eight-storey block of flats with one staircase and 38 apartments. It will be completed in summer 2012 for TA-Asumisoikeus Oy.
20 20 26 Oulun Metsätähti is a three-storey, 46-apartment gallery access house we implemented as a rental building for Oulun Moniasunnot Oy During the report year, we implemented three fourstorey rental housing sites in Kartanonkoski, Vantaa, as a 10- year ARA interest subsidy project. As Oy Vantaan Paakari, Kranssi and Paakelsi house 139 apartments in total. 25 As Oy Oulun Savotta is a cosy location with four terraced houses and 24 apartments we built in Metsokangas, Oulu.
21 As Oy Mikonkatu 11 in Helsinki consists of a valuable property under refurbishment, a new building being built in the courtyard and a parking garage under the deck. The location includes a total of 58 apartments and four business premises As Oy Merentuoksu is located in Herttoniemi, Helsinki, and consists of two blocks of flats with six to seven storeys and an underground parking garage. There are a total of 78 apartments, four business premises and 77 parking spaces in the company. 28
22 22 29 The construction of the Skanssi district in Turku continues. Modern blocks of flats housing both apartments and business premises are being built in front of the Skanssi shopping centre As Oy Tavastinvuori on 7-kerroksinen, 45 huoneiston vuokra-asuntokohde Turussa. Tavastinvuoren naapuriin nousi myös 6-kerroksinen, 34 asumisoikeushuoneiston As Oy Tavastinhelmi The last residential buildings of the Nummenranta district by the Aurajoki river are called As Oy Amanuenssinranta and Dosentinranta. These fivestorey houses contain a total of 46 elegant apartments.
23 23 Building construction completed in 2011 Apartment production (site, location, number of homes, client) As Oy Amanuenssinranta, Turku, 23, Hartela As Oy Dosentinranta, Turku, 23, Hartela As Oy Lahden Rillikka, Lahti, 27, Hartela As Oy Lahden Villa Vesijärvi, Lahti, 14, Hartela As Oy Merentuoksu / house 1, Helsinki, 33, Hartela As Oy Mikonkatu 11 Helsinki, Helsinki, 27, Hartela As Oy Oulun Merilinja, Oulu, 33, Hartela As Oy Oulun Repolinna, Oulu, 76, As Oy Oulun Repolinna As Oy Oulun Savotta, Oulu, 24, Hartela As Oy Oulun Tähtipolku, Oulu, 18, Hartela As Oy Painiitynportti Espoo, Espoo, 20, Hartela As Oy Porin Hacklininkulma, Pori, 54, Hartela As Oy Ratinannokka, Tampere, 43, Hartela As Oy Repovainio, Oulu, 36, Hartela As Oy Turun Joutsenpuisto 7, Turku, 93, Suomen Laatuasunnot Oy As Oy Vantaan Kranssi, Vantaa, 46, Ilmarinen Mutual Pension Insurance Company As Oy Vantaan Paakari, Vantaa, 33, Ilmarinen Mutual Pension Insurance Company As Oy Vantaan Paakelsi, Vantaa, 60, Taaleritehtaan Asuntorahasto Pipeline renovation at As Oy Vuorenkulma, Turku, 133, As Oy Vuorenkulma KOy Metsätähti / Toppilansaari, Oulu, 62, KOy Metsätähti / Toppilansaari TA-Asumisoikeus Oy / Aurorankatu 26, Turku, 59, TA-Asumisoikeus Oy TA-Asumisoikeus Oy / Liedon Airikinportti 2, Lieto, 31, TA-Asumisoikeus Oy TA-Asumisoikeus Oy / Lotankatu 2, Espoo, 69, TA-Asumisoikeus Oy TA- Asumisoikeus Oy / Sorvarinkatu 16, Lahti, 54, TA-Asumisoikeus Oy YH-Asumisoikeus Oy / Liedon Amalianhovi, Lieto, 23, YH-Asumisoikeus Länsi Oy Other building construction (site, location, volume, client) ABC Deli Espoonlahti ja ABC Pohjois-Tapiola, Espoo, HOK-Elanto Barnens Väl, Karjaa, 1520m 3, Samfundet Folkhälsan r.f. Bilia Olari car wash, Espoo, Bilia Oy Ab Forum Marinum, Turku, 9380m 3, Forum Marinum foundation Haarla 2 care home, Turku, Attendo Oy / Eläke-Fennia KOy Arinaparkki Vantaa, Vantaa, 12095m 3, Hartela / Ilmarinen Mutual Pension Insurance Company / Taaleritehdas KOy Jätkäsaaren Pacific, Helsinki, 20200m 3, Nordea Life Assurance Finland Ltd KOy Revonparkki, phase 2, Oulu, 6300m 3, Hartela KOy Turun Köydenpunoja / Logomo Hall, Turku, 56300m 3, Hartela and City of Turku KOy Verkko, Helsinki, m 3, Tapiola Mutual Pension Insurance Company Luhta Center II, Lahti, 88500m 3, Luhta Kiinteistöt Oy Vihola business centre, Nokia, 63240m 3, Hartela As Oy Ratinannokka in the Ratinanranta district of Tampere is a high-quality block of flats location with 43 apartments, consisting of a nine-storey tower block and a six-storey lamellar house interlinked with a line of balconies. 32 Liedon Amalianhovi is a four-storey residential building with maintenance buildings implemented for YH-Asumisoikeus Länsi Oy. 33 Turun Aurorankatu 26 is a complex of two sixstorey blocks of flats with 59 right-of-occupancy apartments we completed for TA-Asumisoikeus Oy.
24 24 Building Services Housing construction increased in the year under review, and the development of building services follows this demand. New construction and renovation of existing buildings are at equal volumes. At the beginning of the year, the number of building permits for housing production as well as office and business premises also increased. However, the number of building permits declined steeply towards the end of the year. The turnover of Hartela Building Services Group increased by 21% compared with the previous year. Growth was achieved in the domestic market, while the Russian operations that had been successful in the previous year came to a standstill. The price level remained very tight in the domestic market, especially because of the strong attempts at growth by the biggest operators in the field, which unsettled the balance of supply and demand. Also the whole-year arbitration proceedings of Saipu Oy with regard to an extensive Russian project had a negative influence on the development of operations, turnover and profitability. This especially tied up clerical employee resources in exports. No decision on the proceedings has been received at this time. The result before extraordinary items and taxes of the Building Services Group, in which Saipu Oy, HT-Sähköpalvelu Oy and Turun Valo ja Voima Oy are responsible for operations, was 2.6% of turnover. Of the locations completed in the year under review, the main stage of Turku s European Capital of Culture year, Logomo, received a great deal of positive attention. Phase 1 and 2 operations of the renovation were implemented as an overall delivery by Hartela, also including the planning and implementation of building services. We were responsible for the renovation of the AC systems in the refurbishment of the Sunni and Kiseleff houses in Helsinki s Empire centre into a modern shopping centre. In the construction of Tallink s new head office, we were responsible for the implementation of electrical systems. In the Vihola shopping centre at Nokia, constructed by Hartela for Tokmanni, we took care of all building services. In the Luhta Center logistics centre in Lahti, we implemented the HVAC and sprinkler systems, and in the construction of the Karisma hypermarket, we took care of electrical installations. The amount of housing production was high in the year under review, especially in Turku. Our volume of orders at the end of the year was one third higher than in the previous year. Although we started fewer new sites at the end of 2011, we expect an increase in the turnover. There is need for construction, but the uncertainty of the economy slows down the decision-making required for starting projects. The focal point is likely to continue to shift from new construction to renovations. At the end of the year, the most significant on-going project was the HVAC installations in the refurbishment of HUS Meilahti Hospital s patient building. The AC installations for phase 2 of building G3 (T building) of the Turku University Central Hospital in Turku, on the other hand, are already completed. The third hospital project under construction is the renovation and extension of the Malmi Hospital in Helsinki, where we take care of heating and water installations. The construction of the Jätkäsaari district in Helsinki has commenced. Hartela was among the first constructors in the area, implementing the already completed Tallink head office and currently building a large store, storage and office building for Verkkokauppa.com, where Building Services are responsible for electrical building services. The Itella logistics centre being built in Pennala is a mega-class project in terms of volume. We implement all building services in the project. In the renovations of Citymarket Länsikeskus in Turku and in the Myyrmanni Shopping Centre in Vantaa, we install electrical systems in a demanding project as the stores remain open. In the Swing Plus C office building in Espoo, we are responsible for the HVAC contract, and in the construction of the A and C blocks (Ruokakesko) of the Veturi Shopping Centre in Kuusankoski, we take care of heating and water installations. We are also currently working on a large number of building services implementations in housing projects. In the year under review, there were a total of 282 people employed by Hartela Building Services Group. 1 2 The new lighting of the Hämeenkoski school is the part most visible to users of the renovated electrical systems installed by HT-Sähköpalvelu in this location. In Bulevardi 16, the decorative ceiling paintings were restored to their past century glory in the Diakoniasali hall of this valuable building owned by the churches of Helsinki. Saipu completed the heating and water installations in the project.
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 25 November 2013 relating to ATM Call Structured Certificates relating to an Index to be publicly offered in the Republic of Finland with
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 9 January 2014 relating to ATM Call Structured Certificates relating to Shares (ISIN DE000CZ36RC2) to be publicly offered in the Republic
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 3 March 2014 relating to ATM Call Structured Certificates relating to Fund Shares (ISIN DE000CZ36RV2) to be publicly offered in the Republic
Final Terms dated 1 September 2015 Credit Suisse AG, London Branch Trigger Equity Index-linked Securities due October 2021 linked to EURO STOXX 50 Price Index (the Securities ) Series SPLB2015-0E0D issued
Dated 31/03/2015 SG Issuer Issue of up to EUR 25 000 000 Notes due 09/06/2020 Unconditionally and irrevocably guaranteed by Société Générale under the Debt Instruments Issuance Programme PART A CONTRACTUAL
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 30 June 2014 relating to ATM Call Structured Certificates relating to Shares (ISIN DE000CZ370T5) to be publicly offered in the Republic
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 30 July 2015 relating to Unlimited Index Certificates relating to the BEAR KULTA X5 C index (ISIN DE000CR4RCS0) to to be publicly offered
APPLICABLE FINAL TERMS Dated 12 August 2015 SOCIÉTÉ GÉNÉRALE EFFEKTEN GMBH ISSUE OF CASH SETTLED OPEN ENDED INDEX LINKED WARRANTS Unconditionally and irrevocably guaranteed by Société Générale under the
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 29 June 2015 relating to Autocall Structured Certificates relating to the share of Fortum Oyj (ISIN DE000CZ44LS5) to be publicly offered
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 4 September 2014 relating to Smart Bonus Structured Notes relating to ETF Shares and an Index (ISIN FI4000108535) to be publicly offered
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 12 January 2015 relating to ATM Call Structured Certificates relating to Shares (ISIN DE000CZ372Q7) to be publicly offered in the Republic
Mirke Turunen RESEARCH ON THE POSSIBILITIES OF IMPLEMENTING THE SMALL CHANGES MONEY COLLECTION PROGRAMME OF HOGAR DE CRISTO INTO FINLAND The legal point of view Bachelor s Thesis Business Management December
Final Terms dated 20 October, 2015 ROYAL BANK OF CANADA (a Canadian chartered bank) Issue of EUR TBC Booster Equity Linked Redemption Notes Linked to a Basket of Equities due October 2021 under the Programme
Pohjois-Suomen Yksikkö M 10.4/2006/2 Rovaniemi 8.5.2005 European Network of Mining Regions - Regional Study of Finland Katja Lalli, Markku Iljina and ENMR-working group with following partners: University
PRELIMINARY FINAL TERMS DATED 11 June 2015 Series No. DDBO 3016 Tranche No. 1 DANSKE BANK A/S EUR 5,000,000,000 Structured Note Programme Issue of EUR  DDBO 3016 Autocall Eurostoxx 50 II Any person making
Dated 07/03/2014 SG Issuer Issue of up to EUR 25 000 000 Notes due 13/05/2019 Unconditionally and irrevocably guaranteed by Société Générale under the 125 000 000 000 Debt Instruments Issuance Programme
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 9 June 2014 relating to Autocall Structured Certificates relating to an ETF Share and Indices (ISIN DE000CZ37ZW1) to be publicly offered
HELSINKI UNIVERSITY OF TECHNOLOGY Faculty of Electronics, Communications and Automation Lighting Technology Degree Program Satu Marttila Home Automation A Challenge for Electrical Designers, Contractors
EMN FOCUSSED STUDY 2/2013 Organisation of Reception Facilities for Asylum Seekers in different Member States Euroopan muuttoliikeverkosto Euroopan unionin osarahoittama EMN FOCUSSED STUDY 2/2013 Organisation
Dated 16/09/2013 SG Issuer Issue of up to EUR 25 000 000 Notes due 11/11/2019 Unconditionally and irrevocably guaranteed by Société Générale under the 125 000 000 000 Debt Instruments Issuance Programme
Dated 16/09/2013 SG Issuer Issue of up to EUR 25 000 000 Notes due 11/11/2019 Unconditionally and irrevocably guaranteed by Société Générale under the 125 000 000 000 Debt Instruments Issuance Programme
FINAL TERMS DATED 11 May 2015 Series No. DDBO 3014 Tranche No. 1 DANSKE BANK A/S EUR 5,000,000,000 Structured Note Programme Issue of EUR 2,624,000 DDBO 3014 ÖLJY-YHTIÖT AUTOCALL 3 Any person making or
2011 Year in Review Vuosikatsaus Osuuspankki Meidän pankki Olemme palvelleet suomalaista yhteisöä yli 50 vuotta! Serving our community for over 50 years! Report of the Board and General Manager Johtokunnan