Annual report 2022

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 somewhat divided for the company. The opening of Dance House Helsinki and Glass Courtyard at the Cable Factory were among the highlights of the year as well as success in the EIT Culture & Creativity KIC’s tender. Among the main challenges was the pandemic, due to which event space rentals were cancelled at the beginning of the year, and increasing electricity costs due to the war in Ukraine.

Property development

Dance House Helsinki, completed at the end of 2021, and the Glass Courtyard were opened during 2022. The new entrance to the museums was completed in connection with the Glass Courtyard, as well as the information point and factory shop Tehtaanmyymälä serving visitors to the Cable Factory. The extension of the Finnish Museum of Photography was completed in the basement and will be ready at the beginning of 2023. In addition, the project with the basement corridor leading from the Glass Courtyard to the rest of the building moved ahead. A new and renovated restaurant was completed in Suvilahti, and the planning work for the renovation of building nr 9 was started. In addition, the company started a strategic work for the development of the area in Suvilahti. The company also participated in the planning and development of the area surrounding the site it manages. In Suvilahti, new entrance to the company's lot from Vilhovuorenkatu was completed. In N10, shower facilities and an accessible toilet were completed for tenants. The company also participated in the development of the Lapinlahti hospital concept.

Rental activities and tenant services 

The company maintained a very high occupancy rate for long-term premises (around 95 %) in all its real estates. At the beginning of the year, the restrictions caused by the pandemic made short-term rentals significantly more difficult. However, major summer events were organised in Suvilahti, and during the second half of the year, event space rentals returned to pre-pandemic levels. A centralised ticket sale for dance actors was launched at the information point in Glass Courtyard.  

Visitor services

Electronic signage and a large LED display was introduced at the Cable Factory, which have made the center more visible in the surrounding area and increased up-to-date information available for visitors about what is happening at the Cable Factory. The Glass Courtyard and the Tehtaanmyymälä factory shop as well as the info point have made it much easier to come to the premises and improved the range of services offered to visitors. In addition, a HappyOrNot real-time feedback tool was introduced at the Cable Factory, which can be used to monitor customer satisfaction. A new website aimed at visitors was planned for Suvilahti and will be published in 2023.

Organisation, support functions and working methods

During the financial year, the company established HR cooperation in order to reform the company's organisation and work processes to better reflect the current state of the company consisting of three cultural centers, the personnel working in them, and the administration serving all centers and the subsidiary. During the financial year, a property manager was appointed in Suvilahti. The company's own website (kaapeli.com) was published and a communication strategy was completed.

Renewal - Events, experiments and international cooperation

During the financial year, one of the major successes was the company’s collaboration in a consortium that won the EIT Culture & Creativity North Ltd tender. Winning the tender means that one of the six EIT C&C centres will open in Suvilahti 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.  

Environmental, social and economic sustainability

During the reporting period, the company was awarded an Eco-Compass certificate and the Eco-Compass program was also extended to N10. The company held a workshop on integrating the principles of sustainable development into the company's decision-making, and the company participated in support measures to help Ukraine in the midst of the war. The company was awarded the Future Workplaces award.

Finances

The company's turnover in the financial period was EUR 7 992 215,08 (2021: 6 643 838,15). The result after depreciation was a deficit of EUR 371 404,57 (2021: EUR -63 715,94). The Board of Directors proposes that the profit be transferred to the profit/loss account and that no dividend be paid. 

The result was mainly due to electricity costs that increased more than expected. The company also wrote off an extraordinary amount of credit losses. Success in the EIT C&C tender also meant some unexpected expenses. 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). Kiinteistö Oy Kaapelitalo'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, Martina Linder, Miia Pasuri, Dimitri Qvintus, Pauliina Saares and Anna Tuori. The Board of Directors met seven times during the financial year. The Annual General Meeting was held on 27 May, 2022.  

The auditor in charge was Heikki Ruosteenoja, KPMG Oy.