Half-year report 2020

Half-year report 2020

CEO’s review

The first half of the year was exceptional and in many ways challenging. As the coronavirus crisis shook Finland and the entire world, the Y-Foundation’s operations continued uninterrupted and to their full extent, thanks to special arrangements. This would not have been possible without the Foundation employees’ flexibility, adaptation and ability to learn new ways of working.

For a long time already, the Y-Foundation has been an advocate of the Housing First principle. However, the coronavirus epidemic highlighted homelessness in a new way. The pandemic rapidly brought along a crisis in the services for the homeless around the world and further emphasised the significance of having a home. The governments’ advice “Stay home” has not been easy to follow for everyone.

Work to eradicate homelessness and increase affordable rental housing must go on. During the first half of 2020, we at the Y-Foundation continued our work to perform our basic task: we want to offer affordable rental apartments to those who need them. This year, we will introduce no rent increases in M2-Kodit rental apartments. We are constantly having new apartments built. Earlier this year, a new property was completed in Järvenpää, combining various forms of rental housing and contributing to a stronger sense of community. The first solid wood apartment building in Finland, built for M2-Kodit, was completed in late spring in Jyväskylä.

Despite the prevailing exceptional situation, we hired a record-breaking number of summer workers this year. More than 30 summer workers have been working in rental operations, property management, customer service, housing counselling, accounts payable and landscaping service this summer in different parts of Finland. Last year, we were chosen as one of Finland’s best summer employers in the Responsible Summer Job competition, on the basis of young people’s assessments. Our goal is set equally high this year!

In the spring, a new Board of Trustees was elected for the Y-Foundation. The Board of Trustees is elected for a two-year term and consists of the Foundation’s founding members.

During the spring, we have defined a new strategy for the Y-Foundation for the next ten years. The new strategy will be published in the autumn. Our strategy is connected to the UN Sustainable Development Goals (SDGs), which guide the world’s development efforts until 2030. This is why the strategy period is exceptionally long. Through the UN SDGs, our objectives are part of a greater whole.

The Y-Foundation’s mission will continue to be the provision of safe and permanent housing for those who would not have the opportunity otherwise.

Juha Kaakinen

Y-Foundation H1_2020

Y-Foundation half-year report: January-June 2020

Group revenue (EURm)

Rent margin (%)

Operating surplus (EURm)

Investments (EURm)

Equity ratio at fair values (%)

Equity ratio at book values (%)

Economic occupancy rate (%)

Total number of apartments (pcs)

state-subsidised ARA rental apartments
apartments for specific target groups
new rental apartments apartments under construction
employees at the end of the review period
average age of the personnel
workers at Uuras job bank