Financials

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

The construction of the West Metro was proceeding in two phases. Phase I, i.e. the Ruoholahti–Matinkylä section, was completed in 2017. Phase II, i.e. the Matinkylä–Kivenlahti section was opened on December 2022. An underground metro depot was also being built in Sammalvuori to serve the needs of the traffic operator.  Metro traffic operator is Metropolitan Area Transport Ltd.

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 and Fiskars Groups moved into Keilaniemi.

Länsimetro Oy is the asset owner of the West Metro system, tracks and stations from Ruoholahti in Helsinki westwards Kivenlahti in Espoo 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 I was handed over to the operator HKL (nowadays Metropolitan Area Transport Ltd) in October 2017. The section II  was handed over to the operator in 2023. 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 2024, EUR 3,1 million in administrative charges and EUR 28,1 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.

 

Matinkylä–Kivenlahti construction project cost estimate

Ruoholahti–Matinkylä construction project cost estimate

BUDGET

EUR 1,000 2022

actual

2023

actual

2024

actual

2025

budget

2026 

forecast

2027

forecast

2028

forecast

2029

forecast

Maintenance charges 19,153 30,857 28,109 30,512 32,417 35,181 41,404 41,086
Administrative charges 2,434 3,062 3,100 2,642 2,930 3,103 3,165 3,228
Financing charges 68,116 85,690 96,189 112,390 103,866 105,015 103,305 104,755
Charges in total 89,702 119,608 127,399 145,544 139,213  143,299 147,874 149,070
Operating income 933 5,646 5,959 5,966 6,238 6,388 6,407 6,422
Maintenance expenses -20,193 -32,182 -28,952 -34,490 -35,256 -38,246 -44,562 -44,332
Administrative expenses -2,321 -3,342 -2,974 -2,768 -2,930 -3,103 -3,165 -3,228
Deprectiation and amortization -34,587 -62,825 -60,652 -61,638 -62,195 -62,368 -60,257 -60,878
Financing expenses -15,931 -35,261 -36,601 -30,651 -28,012 -27,206 -26,392 -25,322
Funds -7,846 0 0 -21,963 -17,058 -18,764 -19,905 -21,730
Deferred taxes -3,355 -1,014 0 0 0 0 0 0
Profit/loss of the period 6,420 -9,372 4,180 0 0 0 0 0