According to the company’s representative, the completion of the two apartments will be handled by the bankruptcy estate.
Finland the construction industry may receive its biggest business casualty so far. Vantaa-based construction group Sajucon has announced that it will file for bankruptcy due to insolvency.
According to the insolvency register published by the Legal Registry Center, Sajucon Asset Management, Sajucon Espoo, Sajucon Helsinki, Sajucon Vantaa, Sajucon Kodit and Kiinteistötehdas filed for bankruptcy on Friday.
According to financial statements, Sajucon Asset Management group has made profitable results in recent years. Even last year, the group’s turnover was just under 115 million euros and the operating profit was around 1.3 million.
A year earlier, according to Suomen Asiakastieto, the group’s turnover was just under 101 million euros. At that time, the group made profits of almost 14.6 million euros.
In addition to shrinking profits, the company’s money and bank receivables also dwindled significantly during the year. At the end of 2021, approximately EUR 8.2 million of these were recorded in the balance sheet, but at the end of last year only approximately EUR 830,000.
If Sajucon is declared bankrupt, it will be the biggest casualty of a dark year for construction companies.
Prior to this, the largest companies that failed in terms of turnover were Siklatilat, Jukkatalo and R4 Korjausurakointi. Siklatilat’s turnover in 2021 was approximately EUR 107 million.
Eastern Uusimaa the district court confirms to STT that the bankruptcy application of the group’s parent company Sajucon Asset Management has been received, but it had not yet been processed by Friday morning.
of the Group websites only its subsidiary Sajucon Rakennus will continue to operate.
“The financial situation of the companies has deteriorated rapidly as the autumn progressed, and despite significant adjustment measures, profitability and solvency could not be improved effectively enough,” states the announcement published on the website.
at Sajucon according to its website, is currently working on two construction projects with seven apartments. Four of these should be completed this month.
Responsible for the company’s communications Johannes Heikkilä tells STT that the completion of the three apartments will remain in the bankruptcy estate.
“This destination also has good conditions for completing the project. In the majority of the projects we implement, collateral has been set to protect the buyers of the apartments specifically in case of such situations,” Heikkilä replies by email.
The company did not agree to a telephone interview.
Heikkilä tells HS in a message that the company’s unfinished properties are located in Lintuvaara in Espoo and Rajakylä in Vantaa. All apartments under construction in the sites have been sold, except for one apartment in Rajakylä.
According to Suomen Asiakastieto, the turnover of Sajuco Vantaa was almost EUR 73 million, Sajuco Espoo about EUR 33 million, Sajucon Asset Management about EUR 4.8 million, Sajuco Helsinki and Sajuco Kodei about EUR one million each.
Eastern Uusimaa according to the bankruptcy application submitted to the district court, the group’s parent company, Sajucon Asset Management, has a total of more than 23 million euros in debts.
The largest creditor is Uusimaa Osuuspankki, with approximately EUR 9.9 million available. The largest creditors also include, among others, Nordic Guarantee, which has conditional and maximum debts of approximately EUR 4.7 million, Handelsbanken, to which the company owes approximately EUR 2.4 million, and the guarantee insurer Tryg Garanti. The company owes about 3.2 million euros to it.
In addition, Sajucon Asset Management has a tax debt to the Tax Administration of approximately 776,000 euros. According to the bankruptcy application, the company has assets of just under 15 million euros.
According to their bankruptcy filings, the group’s subsidiaries also have debts for millions of euros. Sajuco Vantaa owes a total of about 14.7 million euros, Sajuco Espoo about 10.7 million euros, Sajuco Helsinki about 861 thousand euros, Sajuco Kodei about 170 thousand euros and Kiinteistötehtaa about 583 thousand euros.
Construction industry bankruptcies of companies are Statistics Finland have become more common this year. One significant reason is the strong rise in interest rates, which is the background of the war of aggression launched by Russia in Ukraine and the inflation accelerated by the war.