Financials

The metro is being built westward in two phases – Länsimetro Oy owns the rail infrastructure and the stations

The construction of the West Metro is proceeding in two phases. The Matinkylä–Kivenlahti section, consisting of seven kilometres of rail line and five new stations, is currently under construction, as commissioned by Länsimetro Oy. An underground metro depot is also being built in Sammalvuori to serve the needs of the traffic operator. Phase I, i.e. the Ruoholahti–Matinkylä section, was completed in 2017.

A metro is a major investment that brings vitality to communities and enables new housing and jobs in an eco-friendly way. The metro is a sustainable mode of public transport, and metro stations are planned with sustainability and attractiveness in mind. Metros increase the appeal of their catchment area as a location for businesses and other types of operations, as well as for living. To take an example, the insurance company Lähi-Tapiola has invested half a billion euros in the Tapiola district near one of the metro stations.

Länsimetro Oy is the asset owner of West Metro’s first phase and covers its ownership-related maintenance and debt-servicing costs using charges collected from its owners, i.e. the cities of Espoo and Helsinki. The section was handed over to the operator HKL (nowadays Metropolitan Area Transport Ltd) in October 2017. Metropolitan Area Transport Ltd  receives compensation from HSL for operating the metro traffic. Länsimetro Oy’s permanent business activities are financed with charges collected from its owners, and construction activities are financed with financing secured by its owners. In 2021, EUR 2,3 million in administrative charges and EUR 19,0 million in maintenance charges were collected. Administrative charges collected from the owners are used to cover the company’s permanent operations. The financial stability of the company’s operations depends on the reliable planning of operations financed with charges and on forward-looking financing of construction operations. You can also read about Länsimetro Oy’s group structure (in Finnish) and decision making.

Länsimetro Oy financial statements 2018 on the City of Espoo’s website (in Finnish)

Matinkylä–Kivenlahti construction project cost estimate

Ruoholahti–Matinkylä construction project cost estimate

BUDGET

EUR 1,000 2019 

actual

2020 

actual

2021 

actual

2022

budget

2023

forecast

2024

forecast

2025

forecast

Maintenance charges 16,723 13,623 19,038 19,153 32,607 31,432 32,065
Administrative charges 2,553 2,085 2,303 2,434 3,060 2,882 2,896
Financing charges 39,697 49,490 56,939 68,116 86,402 87,252 96,148
Charges in total 58,973 65,199 78,280 89,702 122,070 121,566 131,110
Operating income 1,323 667 696 1,672 6,103 6,136 6,123
Maintenance expenses -18,271 -18,541 -18,008 -23,438 -34,558 -33,420 -34,046
Administrative expenses -2,268 -2,676 -2,429 -2,834 -3,060 -2,882 -2,896
Deprectiation and amortization -31,403 -32,570 -32,271 -37,261 -60,298 -61,237 -61,729
Financing expenses -16,011 -15,372 -15,570 -15,814 -23,592 -23,674 -23,534
Funds -3,529 -11,778 -6,664 -6,489 -15,027
Deferred taxes 1,521 653 -1,488 0 0 0 0
Profit/loss of the period -6,082 -2,657 5,953 250 0 0 0