Annual report 2018

Annual report 2018

CEO’s review

For us, 2018 was a year of growth. We worked for the prevention of homelessness and strengthened our position as the fourth-largest lessor in Finland. Affordable housing is one of the key factors in eliminating homelessness. Last year, our stock of rental apartments increased to 17,000.

In recognition of our achievements, we received an award from the Association of Tenants and Home Owners in Finland for promoting affordable housing and being a genuinely non-profit operator.

We expanded our financing base by successfully issuing a EUR 75 million bond.

CEO’s review

For us, 2018 was a year of growth. We worked for the prevention of homelessness and strengthened our position as the fourth-largest lessor in Finland. Affordable housing is one of the key factors in eliminating homelessness. Last year, our stock of rental apartments increased to 17,000.

In recognition of our achievements, we received an award from the Association of Tenants and Home Owners in Finland for promoting affordable housing and being a genuinely non-profit operator.

We expanded our financing base by successfully issuing a EUR 75 million bond.

2018 was a successful year for Y-Foundation in many ways. We strengthened our position as a proponent of the prevention of homelessness and the fourth-largest lessor in Finland. In recognition of our achievements, we received an award from the Association of Tenants and Home Owners in Finland for promoting affordable housing and being a genuinely non-profit operator.

The total number of the Y-Foundation Group’s rental apartments exceeded 17,000. The number of apartments was increased by new construction and purchases of individual shares in housing companies. It is our view that homelessness can be eliminated over the course of two terms of government by building affordable rental apartments.

We expanded our financing base by successfully issuing a EUR 75 million bond. The funds raised by the bond issue will be used to develop and purchase new rental apartments. International interest in Y-Foundation and the Housing First model used in Finland remained high. Y-Foundation’s position as an internationally recognised expert in reducing homelessness was strengthened further and the expansion of our cooperation network also included new international operators.

In spite of its success, the Housing First model is not the only way to reduce inequality. In accordance with the Foundation’s principles, we want to also support the economic and social well-being of our tenants. One example of this is the Uuras employment programme aimed at creating new work opportunities for our tenants. Our housing counselling services have proved significant in resolving eviction situations and the financial difficulties of our tenants. We also organised several tenant events to build a stronger sense of community among our tenants.

The impact of Y-Foundation’s operations is based on its internal cooperation as well as wide-ranging partnerships. In addition to our traditional partners, such as municipalities, we have established new partnerships in areas such as property development projects and the development of services and housing concepts. We will continue to actively seek partnerships that support the objectives outlined in the Foundation’s strategy. We consider the fact that we are the largest recipient of funding in the 2019 of the Funding Centre for Social Welfare and Health Organisations to be a significant form of recognition for the work that we do.

Juha Kaakinen
Y-Säätiön toimitusjohtaja

Board_of_Trustees_report_and_Financial_Statements_2018_web

Board of Trustees’ report and Financial Statements 2018

Group revenue (EURm)

Operating surplus (EURm)

Investments (EURm)

Economic occupancy rate (%)

Equity ratio (%)

Total number of apartments (pcs)

Other things happened

2800
tenants took part in tenant activities.
Housing counselling proved effective in preventing issues from aggravating.
437
rental apartments were under construction.
Dozens of international visitors learned about our operations.
We reached the milestone of 17,000 rental apartments.
Our position as a fourth-largest lessor in Finland strengthened.