Annual Reports

Annual report 2023

Kaapeli in a nutshell: 

- Property company wholly owned by the City of Helsinki 

- Turnover EUR 9M, balance sheet EUR 72M

- Occupancy rate 99 %

- Manages approx. 100,000 m2 space

- Owns the buildings managed

- Income-financed and market-based

- No public subsidies

- No curated content, tenants have full artistic freedom

- Flexible pricing model

The company started its actual operations on 27 November, 1991. The company's registered office is Helsinki. The share capital of the company consists of 10,611 shares of the same series, all owned by the City of Helsinki. Since 2017, the company has had a subsidiary – Kaapeli Media Centre Ltd – in which it is the sole shareholder.
The financial year was very challenging for the company. Although the result for the financial year was slightly positive and progress was made in many of the company's strategic areas and the company's core business is sound, the loans taken due to the Dance House Helsinki project and the Covid pandemic put such a strain on the company's finances that the company was unable to develop and renovate its properties as before. 

Property development

The rapid rise in interest rates in spring 2023 forced the company to significantly reduce its investments in property development. By far the largest project was the renovation of the Tallberginkatu entrance to the Cable Factory, which was completed in the summer. This project represented the final phase in the Dance House Helsinki project. At N10, the site connection of the property was replaced, and in Suvilahti an application was made for a building permit for the renovation of building 9. In other respects, property development was limited to absolutely essential repairs. In Suvilahti, the company also participated in the planning and development of the area surrounding the site it manages. The company also participated in a consultative role in the development of the Lapinlahti hospital concept.

Rental activities and tenant services

The company's rental activities were excellent. Although the real estate market experienced severe difficulties during the financial year as rents fell and premises were vacated, the company maintained a very high occupancy rate for long-term premises (around 99 %) throughout the financial year and short-term event space occupancy returned to pre-pandemic levels.

Visitor services

In terms of visitor services, the most significant work has taken place at the Cable Factory, where the company has refined the operations of the Glass Courtyard information point and Cable Factory’s Konttori to serve customers more smoothly and cost-effectively. During the financial year, the use of electronic signage and a large LED display on the outside wall has also become established.

Organisation, support functions and working methods

During the financial year, the company continued its HR work to reform its organisation and work processes. The company formed a management team and adopted new working practices and tools. During the financial year, the property manager of the Cable Factory changed after the retirement of the previous property manager.  

Renewal - Events, experiments and international cooperation

During the financial year, the company made a significant contribution to the European Institute of Innovation and Technology's Culture and Creative Industries innovation platform start-up project. EIT Culture & Creativity North Ltd was established and one of the six EIT C&C centres will open in the company's premises in 2024. The company also participated in the EU Rebuilding to Last project and continued its international cooperation in the ECBN (European Creative Business Network), ECHN (European Creative Hubs Network) and TEH (Trans Europe Halles) networks. The traditional Cable Factory Night of the Arts and Planet Suvilahti events were also held during the financial year. The company was also involved in the production of the Armas Festival and submitted an application to establish an international centre for creative ageing in Finland. 

Environmental, social and economic sustainability

During the reporting period, the company implemented its Eco-Compass programme in its properties. This included the installation of solar panels on the roof of Dance House Helsinki. The company also hosted the 1000tekoa event, where a thousand food bags were distributed to people in need.


The company's turnover in the financial period was EUR 8,789,490.32 (2022: 7,992,215.08). The result after depreciation was a profit of EUR 71,860.78 (2022: -EUR 371,404.57). The Board of Directors proposes that the profit be transferred to the profit/loss account and that no dividend be paid.

The majority of the company's turnover comes from rental income from long-term rented premises (approx. 88%). Short-term rentals are also an important source of income (approx. 8 % of turnover). Kaapeli's VAT rate varies by location: more than half of long-term rental income is subject to VAT, and short-term rental income is fully subject to VAT. More than half of the floor area managed by the company is subject to VAT. 

Board of Directors

At the end of the financial year, the Board consisted of Anna Baijars (chair), Marja-Leena Rinkineva (vice-chair), Markus Koistinen, Jarkko Lehmus, Miia Pasuri, Dimitri Qvintus, Pauliina Saares and Anna Tuori. The Board of Directors met six times during the financial year. The Annual General Meeting was held on 29 May, 2023.

 The auditor in charge was Tuomas Koskiniemi, KPMG Oy. 

Read annual report 2022
Read annual report 2021

See also:

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