Conficap’s first year has been a time for building and retargeting operations
Conficap started its operations on 1 May 2018 when the family company Onvest Group demerged into two new and independent companies. The Group consists of four operational business areas. Conficap is the owner of Are, Finland’s leading building services company. In addition, the Group has a broad real estate and investment portfolio as well as strategic listed shareholdings.
“The company’s first year has been a time for building and retargeting operations. We made several transactions, especially in real estate sector. Returns from investment activities were depressed, particularly toward the end of the year, due to rising nervousness in the market and a downturn in share prices,” says Conficap Oy’s CEO and Chair of the Board Maarit Toivanen.
Are continued the deployment of its strategy, which was updated the year before. The full-year net sales held steady at the same level as in the previous year. Order backlog, however, grew noticeably. Towards the end of the year, the company announced its expansion into Sweden with the acquisition of the leading plumbing contracting and maintenance company in the Gothenburg area, Kungälvs Rörlägger.
A number of significant real estate transactions were executed. For example, Conficap acquired properties in central Helsinki and in Pitäjänmäki. In accordance with the strategy, the main focus in property activities outside Finland shifted from direct investments to real estate funds. For this reason, the company sold its logistics property in Örebro, Sweden.
Investment returns were impacted by a challenging market environment. In the course of 2018, an internationally diversified investment portfolio was formed together with a new asset manager. Investment business is based on an investment policy confirmed by the Board of Directors of Conficap Oy, and it aims at strong returns in the long term and increased shareholder value at a managed level of risk.
“Although Conficap is young as a company, the roots of the family company go deep, more than a hundred years into the past. The company’s name comes from the words ‘confidence’ and ‘capital’. At the same time, the name reflects our fundamental mission. As a committed Finnish owner, we are facilitators of successful business. The company’s strong balance sheet and considerable liquid assets form a steady foundation for building the future,” Toivanen continues.
Conficap’s general meeting was held on 22 March 2019, where the new Board of Directors was formed. Markku Pohjola and Juha Rantanen stepped down at their own request and Timo Kohtamäki and Henrik Koivisto joined the Board.
“I want to thank Markku Pohjola and Juha Rantanen for their long and committed work in the Board of Directors of Onvest and now Conficap. Consequently, I wish to welcome the new members Timo Kohtamäki and Henrik Koivisto”, Maarit Toivanen finishes.
Conficap is a Finnish family-owned company with over hundred years of history. The group consists of four business sectors. Conficap owns technical building services company Are and has large-scale operations in real estate and investment sectors. Additionally, Conficap has strategic listed shareholdings.
Maarit Toivanen, CEO, Chair of the Board, Conficap Oy
Please refer all contacts to Maarit Toivanen’s assistant Sari Lahtinen: tel. +358 50 322 2231 or email firstname.lastname@example.org.