Year of growth in a rapidly changing operating environment

As in 2020, 2021 was another unique year for Conficap. Activities were still overshadowed by the pandemic and the uncertainty it caused in the operating environment and, for example, supply chains. The impact was particularly apparent in Are Oy and in the real estate business, whilst it was a strong year for our investment operations. The Group’s net sales in 2021 were EUR 490.2 million (2020: EUR 503.3 million). Operating profit was EUR 5.7 million (2020: EUR 0.3 million).

”Although sales decreased slightly compared to the previous year, the operating result improved. Taking into account the challenging circumstances, we can be cautiously pleased with the Group’s overall performance. Our strategy, strong balance sheet and different risk profiles of our business units allowed us to hold to a steady course and also to seize the opportunities that arose,” says Conficap’s CEO and Chair of the Board Maarit Toivanen.

For Are Oy, 2021 was a mixed year. Services remained on a positive track, whereas the project business encountered setbacks and the net result was down from the previous year. For the most part, construction continued uninterrupted. Are reinforced its specialist expertise when in May it acquired Kylmä-2000 Oy, which provides maintenance and installation services for refrigeration technology in southern Finland. Changes also took place in Are’s management with the new CEO Jarno Hacklin taking office in November. The foundations were laid at Are for a rejuvenation, which will continue next year and will be visible both at construction sites and in the company’s management.

Although the uncertainty brought about by the pandemic was still reflected in the market for business premises, 2021 was positive and eventful for Conficap’s real estate business. The year saw many successes. Conficap entered into significant new leases, and both occupancy rates and rental income rose. In line with its property strategy, the company concentrated its holdings in major locations in the Helsinki Metropolitan Area and divested three of its properties elsewhere. One of the most significant development project of the year was the improvement of energy efficiency in our properties.

Investment activities had a positive year in 2021. A favourable operating environment, combined with timely decisions, boosted the investment portfolio and operating profit. Conficap also participated in two IPOs and subsequently strengthened its position as Orthex’s largest anchor shareholder. The international equity portfolio was expanded, individual holdings were pruned and overall geographical diversification was increased.

Although the prolonged Covid situation, remote working and uncertainty of the operating environment made the year wearisome for many, Conficap has gone through other challenging  times in the course of its more than a century of history.

“The changing operating environment has once again shown the importance of Finnish ownership. Committed owners, such as family businesses, are able to provide long term support and thus to secure growth and jobs in the future,” Toivanen says.


Additional information:

Marko Häikiö, CFO, Conficap Oy,
tel. +358 10 400 6442,


Conficap is a Finnish family-owned company with over a hundred years of history. The group consists of three business sectors. Conficap owns technical building services company Are and has large-scale operations in the real estate and investment sectors.

Conficap Oy Group Review 2021

Back to News-page