Toivo Group receives a ruling from the Supreme Administrative Court
Company release 30 March 2022 11:00 a.m.
On 29 March 2022, Toivo Group Plc (hereinafter referred to as “Toivo” or “the Company”) received decisions (H961/2022 and H962/2022) from the Supreme Administrative Court in building permit cases (22699/03.04.04.04.16/2021 and 22700/03.04.04.04.16/2021) concerning the building permits of two (2) of Toivo’s subsidiaries. The Supreme Administrative Court dismissed the appellants’ leaves to appeal and thereby decisions H3239/2021 and H3363/2021 of the Helsinki Administrative Court remain legally valid.
The decisions concern projects with a total value of approximately EUR 21 million and in which the Company estimates to have at least the ordinary development margin for its business. The decisions of the Supreme Administrative Court allow the Company to continue the construction of the sites in question, which the Company expects will have a positive impact on the results for 2022 and 2023 and will support the realisation of the profit forecast for 2022. The decisions will not, however, affect the profit forecast for 2022.
Toivo’s CEO Markus Myllymäki comments: “I am very pleased with the decisions of the Supreme Administrative Court so that we will get to continue construction activities, ending the long-standing uncertainty and allowing us to offer more job opportunities to our subcontractors.”
Toivo Group Plc
Board of Directors
Further information
Markus Myllymäki
CEO
Toivo Group Plc
Tel. +358 (0)40 847 6206
[email protected]
Certified Adviser: Danske Bank A/S, Finland branch, +358 (0)50 575 4422
About Toivo
Toivo is a Finnish real estate company that was founded in 2015. Its business consists of developing apartment lots, constructing housing and ownership of apartments. The Company’s business model is unique as Toivo’s business combines the value chain of real estate business from development and construction to ownership, management and rental of a completed property. Toivo manages the entire life cycle of residential real estate with its own team, from raw land development to renting apartments. This way Toivo is able to generate additional value to its customers, shareholders and stakeholders.
Toivo’s strategy is to develop apartments in accordance with the Toivo concept. The apartments aim for a strong development margin and a stable and attractive return, and this way enable long-term ownership and the generation of higher additional value to Toivo’s customers. Toivo has a knowledgeable and experienced team of experts with strong merits in the real estate business. The members of Toivo’s team have been involved in the development and construction of over 17,000 apartments, and they have an average of ten years of experience.
Toivo’s revenue in 2021 was EUR 13.6 million and its operating profit was EUR 15.8 million.
