Deaconess Foundation’s 2020 Annual Report: Social impact and national growth


In 2020, the Deaconess Foundation took significant steps towards its growth and national reach, demonstrating its ability to respond quickly to changing social conditions.  Even in the exceptional circumstances, we were able to provide for the well-being of our clients and respond to growing levels of distress, loneliness and exclusion, both at home and abroad. 

The past year was marked by the Covid-19 pandemic, which shook the whole world and affected the lives of the Deaconess Foundation and its clients in many ways. The ability of staff to adapt to the rapidly changing demands of the operational environment was a key factor in overcoming the challenges with fewer setbacks than feared.

“The corona pandemic highlighted the great commitment of our own personnel. Staff and client well-being remained at a high level despite the abnormal circumstances. I could not be more proud of our staff,” says Olli Holmström, the Deaconess Foundation CEO.

The pandemic also had an impact on the Group’s finances. Turnover was lost, among other things due to interruptions in operations. Costs were boosted by lockdowns , the emphasis on enhanced hygiene and the widespread use of protective equipment. The pandemic increased the need for the public utility services provided by the Deaconess Foundation. In 2020, the Deaconess Foundation itself invested €4 million in charitable diaconal work. For example, €1.5 million was spent on preventing the marginalisation of young people.

“As a social enterprise, our primary goal is to provide social good. I am pleased that our strong balance sheet and profitable growth mean that we remain well placed to support the most vulnerable and build a fairer society,” says Holmström.

Deaconess Foundation’s Annual Report: 2020 was a year of growth

In 2020, the Deaconess Foundation took significant steps in both expansion and nationalisation. Rinnekoti, which provides services to people with developmental disabilities, was merged with the Deaconess Foundation and its operations were expanded to increasingly more cities in Finland, in line with its growth strategy.  Operations in Northern Finland also expanded significantly when the Deaconess Foundation acquired Caritas Palvelut Ltd, a company operating in Oulu and Rovaniemi, from the Caritas Foundation in Oulu.

“Despite the challenging market situation and the prolongation of the corona pandemic, we have the capacity to respond to the upcoming changes in the social services sector. With a strong balance sheet and skilled staff, we are well placed to survive in a turbulent market environment. We will continue to invest in our staff. Our aim is to be the boldest workplace in the healthcare industry for people who put their heart and soul into their work, alongside their professional skills,” says Holmström.

Financial results in surplus

  • The Group’s operating income in 2020 was €179 million (€116 million in 2019). 2020 and 2019 are not comparable, as Rinnekoti’s revenues are included in the Group’s 2020 revenues following the merger.
  • The consolidated surplus for the financial year was €3 million (surplus €96 million in 2019). The surplus in 2019 was due to the gain on the sale of the Terveystalo company shares (€55 million) and the deferred merger gain on the Rinnekoti merger (€40 million). Excluding the above mentioned non-recurring items, the surplus for the financial year would have been slightly above €1 million in 2019.
  • The result from ordinary activities was €4.8 million (€36 million in 2019). Excluding the imputed merger gain, the operating result would have been a deficit of about €4 million in 2019.
  • The market value of the Group’s investment securities at the end of 2020 was about €190 million (about €175 million in 2019). The market value of the Group’s real estate assets exceeded 150 M€ at the end of 2020.
  • The Group’s equity ratio at the end of 2020 was 82% (83% in 2019).
  • Grants received for non-profit activities were €8.4 million (€7.6 million in 2019)


Report of the Board of Directors of the Deaconess Institute, including the financial statements and the auditor’s report (in Finnish)

Further information:

CEO Olli Holmström,, tel. 050 483 6313
Director of Finance Jukka Rautavalta,, tel. 040 753 2166
Director of Communications Laura Niemi,, tel. 050 373 8602

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