Half-year report 2022

Half-year report 2022

CEO’s review

As a nationally and internationally significant pioneer in eradicating homelessness, Y-Foundation helps develop the industry as a whole through its knowledge, research activities, and development projects. As the new CEO, I felt privileged to join a well-managed organisation that is full of highly competent people.

The stable foundation of our operations is a great advantage to us in these times. Our operating environment has changed dramatically and quickly, mainly due to the impacts of the war in Ukraine.

Shortages of construction materials, increased costs, and higher interest rates have a significant impact on the operations of an organisation such as ours. The construction of new homes and the renovation of existing homes have become substantially more expensive, which has led to delays in some projects.

In spite of the delays, we have made progress in our construction projects. Thanks to our robust financial position, we are still doing well, and we do not anticipate problems in the second half of the year.

During the first half of the year, we focused even more closely on the development of our sustainability efforts in our changing operating environment.

We will be subject to increasingly strict obligations under national law and EU Directives. In addition, financial institutions will also require us to increase our sustainability reporting, among other things.

With this in mind, we are developing our sustainability efforts and focusing particularly on improving the continuity and comparability of our reporting.

The impacts of the COVID-19 pandemic on Y-Foundation were minor. The occupancy rates of apartments declined temporarily – as with other operators in the industry – but have now turned to growth.

During the COVID-19 pandemic, the home has become even more important for people. People see their home as the foundation for a safe life, and they want to hold on to it under all circumstances. As a lessor, we always aim to find solutions that enable our tenants to keep their homes.

Going forward, we will need to adapt to changes in our operating environment. In doing so, it will be especially important for us to keep our mission in mind.

The need for affordable housing is practically endless. The work we do has a much greater indirect impact on people’s lives – and society as a whole – than we might imagine as we go about our day-to-day work. The work we do to secure housing for people is very important.

Teija Ojankoski
CEO

Halfyear report 2022 EN kansi

Half-year report 2022