Annual Reports

The company started its operations on 27 November 1991. The company's registered office is in 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.

Property development

During the financial period, the company's property renovations returned to the pre-pandemic level. Investments were made to improve energy efficiency and safety, as well as HVAC (heating, ventilation and air conditioning) repairs. In addition, automation, internet infrastructure and windows were renewed. 

During the financial period, the company commissioned a long-term plan (PTS) for the condition of its properties to support the strategy work. With the help of an investment grant paid by the city of Helsinki, the company started renovating the architecturally and historically valuable buildings in Suvilahti. The renovation of the right-hand chimney of Kattilahalli was also carried out. 

Rental activities and tenant services 

The company's rental operations performed very well during the period. Despite the challenging market situation, the occupancy rate for premises intended for long-term rental remained very high throughout the period and achieved the turnover target. At the end of the year, the occupancy rate for premises intended for long-term rental was approximately 99 %. The demand for event spaces increased towards the end of the year, and the turnover target was exceeded.  

Visitor services

Visitor services are focused on Cable Factory and Suvilahti. During the period, special emphasis was placed on the Cable Factory's visitor services. In March, the concept of the Cable Factory’s Konttori was renewed, and the space was named Cable Factory’s Kahvibaari (coffee bar). The so-called museum gates were renewed in the late summer, and in the autumn the history corridor in the basement and the Ämyri sound installation in the front were opened.

Organisation, support functions and working methods

During the financial year, the company's collective agreement changed. When the Avainta employer organization ceased its operations, the collective agreement negotiated under its leadership also ended. The company is now covered by YTES, the General Collective Agreement for the employer organization KT’s Company Sector. During the period, the company's staffing was strengthened when new employees started working at Cable Factory’s info point and a new communications assistant was hired.

During the period, the company's new strategy was completed in cooperation with the company's board of directors, management and employees.

Renewal - Events, experiments and international cooperation

During the period, the company actively participated in European collaboration networks such as ECBN (European Creative Business Network), ECHN (European Creative Hubs Network), EIT Culture & Creativity KIC (European Institute of Innovation and Technology) and TEH (Trans Europe Halles) thus seeking new ideas for its activities. The company also participated in the EU project Greening the Hubs.

The traditional events Night of the Arts at Cable Factory and Planet Suvilahti were held as well. In addition, the company participated in the production of Armas festival.

Environmental, social and economic sustainability

As in previous years, the company followed the Eco-Compass environmental program in its properties in 2025. Within the framework of this, solar panels were installed on the roof of Dance House Helsinki. The company also developed the safety culture in its properties, in accordance with the principle of social responsibility.

During the period, the VSME standard and a sustainability project were launched, and as part of the latter, a climate risk assessment was carried out. Protective films that prevent warming were also installed on the windows in Merikaapelihalli. In addition, the company joined the municipal energy efficiency agreement as a reporting unit. Within the framework of social responsibility, personnel were trained and given instructions on safer spaces, and the company's CEO participated in occupational safety training. The company practiced financial responsibility by putting out a tender for those subcontracting services that are expiring at the end of the financial year.

Finances

The company's turnover in the financial period was EUR 9 036 132 (2024: EUR 9 146 636). The result after depreciation was a profit of EUR 529,544 (in 2024: EUR -12,614). The profit will be transferred to the profit/loss account and no dividend will be paid. The result will strengthen the company's weakened financial situation during the Covid pandemic.

Long-term premises represented approximately 93 % of the turnover and income from short-term rental of premises represented approximately 7 % of the company's turnover. The VAT rate of Kiinteistö Oy Kaapelitalo varies by property: more than half of the long-term rental income is subject to VAT, while short-term rental income is entirely subject to VAT. More than half of the areas managed by the company are subject to VAT.

The start to the year was mild, which could be clearly seen in energy costs. Due to measures taken by the owner, the company's financing costs were significantly lower than in the previous year. The company also continued its stringent policy when it comes to repair costs, as in previous years. During the financial year, the company's core business was profitable. The company achieved its financial performance target and was also able to strengthen its cash position as planned.

Board of directors

There were also significant changes in the company's board of directors when the terms of Pauliina Saares, Dimitri Qvintus and Jarkko Lehmus came to an end. Gita Kadambi, Otto Kylmälä and Milla Tanskanen started as new board members. 

At the end of the financial year, the Board consisted of the following members: Marja-Leena Rinkineva (chair), Juha Ahonen (vice-chair), Pontus Juntunen, Gita Kadambi, Otto Kylmälä, Milla Tanskanen and Anna Tuori. The Board of Directors convened nine (9) times during the financial year. The Annual General Meeting was held on 28 May 2025, an extraordinary meeting on 8 September 2025, and a continuation meeting of the extraordinary general meeting on 16 September 2025.

The auditor in charge was Teemu Koski, BDO Oy.

Outlook 

During the 2026 financial year, the company's core business is expected to be profitable, but the challenging situation in the real estate market and the government's significant cuts to funds allocated to culture may lead to a decline in the occupancy rate. The company's operations are guided by its new strategy, which shall be running from the beginning of 2026 to the end of 2029. 

According to the strategy, the company's goal is to strengthen its financial performance during the strategy period, make its centers even more attractive not only to tenants but also to visitors, and prepare for property development and the challenges posed by climate change. 

Read annual report 2024
Read annual report 2023
Read annual report 2022
Read annual report 2021